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Chronology, 1963–89

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Chronology, 1963–89 Chronology, 1963–89 This chronology covers key political and economic developments in the quarter century that saw the transformation of the Euromarkets into the world’s foremost financial markets. It also identifies milestones in the evolu- tion of Orion; transactions mentioned are those which were the first or the largest of their type or otherwise noteworthy. The tables and graphs present key financial and economic data of the era. Details of Orion’s financial his- tory are to be found in Appendix IV. Abbreviations: Chase (Chase Manhattan Bank), Royal (Royal Bank of Canada), NatPro (National Provincial Bank), Westminster (Westminster Bank), NatWest (National Westminster Bank), WestLB (Westdeutsche Landesbank Girozentrale), Mitsubishi (Mitsubishi Bank) and Orion (for Orion Bank, Orion Termbank, Orion Royal Bank and subsidiaries). Under Orion financings: ‘loans’ are syndicated loans, NIFs, RUFs etc.; ‘bonds’ are public issues, private placements, FRNs, FRCDs and other secu- rities, lead managed, co-managed, managed or advised by Orion. New loan transactions and new bond transactions are intended to show the range of Orion’s client base and refer to clients not previously mentioned. The word ‘subsequently’ in brackets indicates subsequent transactions of the same type and for the same client. Transaction amounts expressed in US dollars some- times include non-dollar transactions, converted at the prevailing rates of exchange. 1963 Global events Feb Canadian Conservative government falls. Apr Lester Pearson Premier. Mar China and Pakistan settle border dispute. May Jomo Kenyatta Premier of Kenya. Organization of African Unity formed, after widespread decolonization. Jun Election of Pope Paul VI. Aug Test Ban Take Your Partners Treaty. Oct Harold Macmillan succeeded as UK Premier by Sir Alec Douglas-Home. Ludwig Erhard succeeds Konrad Adenauer as German Chancellor. Nov President Kennedy assassinated, succeeded by Lyndon Johnson. International finance The Eurobond launch year. Jan Midland Bank, Deutsche, Amsterdamsche and SocGen of Belgium form European Advisory Committee (nucleus of EBIC club, Appendix III). Feb DM81 million Neckermann Euroequity issue (Morgan & Cie). Apr $20 million private placement for Belgium (Samuel Montagu). Jul US Interest Equalization Tax proposed (lasted until 1974). $15 million Autostrade Eurobond issue (Warburg). Oct G-10 countries launch study of interna- tional monetary system, under Robert Roosa. SF60 million Copenhagen Eurobond criticized by Swiss authorities for unauthorized use of SF (Morgan Grenfell). Dec First Japanese convertibles: $15 million Takeda Chemical (Morgan & Cie) and $5 million Canon Camera (Loeb Rhoades & M. Samuel). Orion antecedents Royal’s European joint venture with Westminster aborted after President de Gaulle’s first veto of UK membership of the EEC. Stung by Citibank buying into Mercantile Bank of Canada, Chase seeks to buy 25 per cent shareholding in Toronto Dominion Bank (approval not obtained). 1964 Global events Jan Palestine Liberation Organisation (PLO) established. Apr Military takes power in Brazil. Introduction of 360 series enables IBM to maintain leadership in computer industry. May First publication of Quotations of Chairman Mao; 350 million copies printed in next four years. Death of Pandit Nehru, Indian Premier. Jun Nelson Mandela sentenced to life imprisonment for opposing apartheid in South Africa. Jul US Civil Rights Act. Aug Tonkin Gulf incident escalates US commitment to Vietnam War. Singapore secures independence from Malaysia. Oct Harold Wilson, Labour, elected UK Premier; speculation against £ sterling offset by con- certed help from G-10 countries. Leonid Brezhnev replaces Nikita Khrushchev as Soviet leader. Nov King Faisal succeeds to Saudi throne. International finance Eurobond issue volume up 360 per cent. Midland and International Banks created as first Euromarket consortium bank in London by Midland and three other banks, followed by 34 such banks by 1984 (Appendix II). Feb Fiduciary Trust opens London office, with United Nations Pension Fund as largest Eurobond institutional investor under a single manager. Mar German 25 per cent coupon tax on domestic issues Chronology, 1963–89 triggers DM Eurobond market. May $25 million Eurobond for Norway (Hambros). Jun $25 million IRI, Italy, Eurobond with Finsider warrants (Loeb Rhoades & M. Samuel). First straight corporate Eurobond, Kesko Oy (White Weld). Oct £/DM5 million City of Turin issue (Warburg). £ crisis causes 15 per cent import surcharge to be introduced. 1965 Global events Jan Death of Sir Winston Churchill. Mar Nicolae Ceausescu becomes leader of Romania; develops policy of independence from Soviet Union, financial self-sufficiency and internal suppression. Jun Army takes power in Algeria, under Houari Boumédienne. Nov Unilateral Declaration of Independence by Rhodesia; sanctions and 15 years of insta- bility. Sese Seko Mobutu takes power in Congo (Zaire). Dec Ferdinand Marcos Philippine President. International finance Feb US Voluntary Foreign Credit Restraint Program (lasted until 1974); 12 US corporates issued Eurobonds in 1965, first of many hundreds. Jun First corporate £/DM issues, for Mobil (Warburg) & Uniroyal (Hambros). Jul ENEL, Italy, does simultaneous issues in six EEC currencies under the Abs Plan (named after Hermann Abs of Deutsche Bank). Oct $25 million Monsanto convertible Eurobond (Dillon Read). First Euro–Guilder bond issue (no more until 1969). Orion antecedents Royal and Westminster, with others, form RoyWest Corporation in Nassau to do trust and mortgage business. 1966 Global events Jan Second Indo–Pakistani War ended through Soviet good offices; Indira Gandhi becomes Indian Premier. Military takes power in Nigeria. Mar General Suharto takes effective power from President Sukarno in Indonesia. May UK economy ‘blown off course’ by seamen’s strike. Sep Fed and other central banks help UK. Jun Military takes power in Argentina. Aug Cultural Revolution in China strengthens Mao Tse-Tung; Deng Xiao- Ping stripped of power for ‘taking the capitalist road’. Sep President Hendrik Verwoerd, architect of apartheid in South Africa, assassinated. Nov Ludwig Erhard replaced as German Chancellor by Kurt Kiesinger. Bank of America licenses other banks to use its credit card; rise of VISA and Master Charge. International finance Sir Charles Hambro warns that Eurobonds likely to be a ‘temporary phenomenon’. Mar $27.5 million Transalpine Finance Holdings, the first Eurobond secured on throughput agreements Take Your Partners (Rothschild). May Citibank issues first negotiable Eurodollar CDs in London, with White Weld as market-maker. Jun First zero coupon Euro- bond, $6 million for BP Tankers (Rothschild & Svenska Handelsbanken). Dec First DM Eurobonds convertible into US equity, Texaco and ITT. First Arab consortium bank formed, United Bank of Kuwait. Orion antecedents Chase tries to form merchant bank in London with Rothschild and allies. NatPro and NM Rothschild & Sons form the first clearing/merchant banking joint venture in UK, National Provincial & Rothschild (NatWest sold its stake in 1969). 1967 Global events Apr Colonels take power in Greece. Death of Konrad Adenauer. May Secession of Biafra; civil war in Nigeria. Jun Six Day War in the Middle East; brief oil embargo and many Palestinians flee to Jordan. President de Gaulle cuts short state visit to Canada after exclaiming ‘Vive Québec libre’ and Dec vetoes UK membership of the EEC for a second time. Dr Christiaan Barnard performs first heart transplant in Cape Town. International finance Société Financière Européenne formed, as a consor- tium banking group, by five European banks (nucleus of ABECOR club; Appendix III) and Bank of America. Bondtrade set up by Kuhn Loeb & four others as Eurobond market-maker. Crown Agents, representing over- seas governments in UK, becomes major Eurobond buyer. Aug KD15 mil- lion loan (Kuwait Investment Company) for World Bank marks start of Kuwaiti Dinar bond market; public issues followed in 1974. Sep Midland Bank acquires 33 per cent of London merchant bank, Samuel Montagu. Nov £ is devalued from $2.80 to $2.40, after record balance-of-payments monthly deficit. Dec First Euro–Franc issue, FF60 million for Roussel Uclaf (Crédit Commercial de France). Milton Friedman urges, in Newsweek arti- cles, floating exchange rates and freedom to trade in foreign currencies. Orion antecedents Westminster forms consortium bank, International Commercial Bank, with four others (NatWest sold its stake in 1971). 10 per cent mutual share exchange with Royal informally proposed by Chase (not carried out); subsequently, Chase and Royal presidents discuss joint venture in international banking. Report by Prices & Income Board suggests scope for UK bank mergers. 1968 Global events Apr Pierre Trudeau succeeds Lester Pearson as Premier of Canada. Assassination of Rev. Martin Luther King. Jun Assassination of Chronology, 1963–89 Senator Robert Kennedy. Jul Ba’athists take power in Iraq; rise of Saddam Hussein. Aug ‘Prague Spring’ reforms in Czechoslovakia crushed by Soviet Union; end of ‘socialism with a human face’. International finance Convertible Eurobond issues up seven times; numerous speculative issues appear, e.g. LTV, King Resources, Gulf & Western and Robert Vesco’s ICC International. Jan US Mandatory Foreign Investment Program (lasted until 1974). Mar Loss of confidence in US$, £ and other currencies creates gold rush; official gold pool arrangements collapse and dual market in gold established.
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