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By Philip Wright
LONDON July 25 (IFR) - Stanley Ross, one of the pioneers of the Eurobond market, died on July 23 at the age of 83.
Ross started his City career in 1950 at Strauss Turnbull, although it was only some 13 years later that he embarked on the path for which he would become best known.
In 1963, the first Eurobond was issued - a USD15m 15-year callable offering from Italian motorway operator Autostrade - and Strauss Turnbull was appointed to act as a broker on the deal.
The 50th anniversary of that transaction was celebrated at a dinner organised by ICMA in June last year, an event at which Ross spoke about his experiences during his lengthy career.
From the small beginnings of that Autostrade deal, the market mushroomed, and Ross remained at the forefront of the burgeoning industry, joining Kidder Peabody in 1967 and then forming his own company, Ross & Partners, in the late 1970s.
In the meantime, he was instrumental in the setting up of the Association of International Bond Dealers (AIBD) in 1969, essentially enshrining the first rules in a sector that up until then had been unregulated, and was elected to the first board of Euroclear the same year. Throughout the following decade, he also produced a weekly industry newsletter: ‘The Week in Eurobonds’.
While at Ross & Partners, he championed the introduction of the new issue grey market, something that his erstwhile AIBD colleagues (unsuccessfully) attempted to outlaw. When the company was taken over by Drexel Burnham in 1984, Ross left to become the first ever non-German managing director of Deutsche Bank.
Subsequent to this, he was chairman of Tradepoint from 1994-1997 and honorary president from 1997-1999. (Reporting by Philip Wright)