According to historians, the first Eurobond seems to have been the 1963 issue for the italian Autostrade, led by SG Warburg & Co. Senior management of Warburg had been involved in the international bond markets at least since the thirties.

Early Eurobond issues were characterised by modest volumes. In 1963 the interest equalisation tax legislation in the US brought American borrowers into Euromarket. Afterwards, the recycling of euro deposit led banks to make syndicated loans.

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