In the thirty-five years since the first Eurobond issue, the global securities market has changed beyond recognition. But the first issue, a US$15 million bond issued by Autostrade, the Italian state highway system, began an irreversible process of capital market development that has been of great importance to the growth and development of European (and non-European) public and private sector institutions. At the end of 1996, the total market capitalization of all European debt and equity securities exceeded US$11,800 billion, or approximately 28 per cent of the total global value of all outstanding securities. Approximately US$7,600 billion of these outstanding securities were debt issues, and US$4,200 billion were equities. See Table 10.1.
This progress is also reflected in the increasing importance of debt securities issued in Euromarket transactions in several different categories. During 1996, new issues of Eurobonds exceeded US$500 billion, an amount greater than the volume of new issues of corporate debt securities in the United States, a distinction the Euromarket also earned in three of the preceding four years. In addition to Eurobonds, US$380 billion of Euro-medium-term notes (EMTNS) were also issued, as compared to US$250 billion of such notes in the United States.1 In 1996, the total volume of 'international'
|Country of issuance|
|Public sector||Private sector|