| | ... McDonald's (ticker: MCD, rating: AA-) issued CNY 200 million 3% senior notes 2013 last August ...
Well that pretty much says it. I have materials here from private magazines and also from the government of Hong Kong about how McDonald's taught the customers to stand in line and taught the staff to smile. As Mickey Ds goes so goes the world.
There was a time when dollar-denominated bonds were a novelty. In fact, I was just reading about the eurodollar eurobond markets, which were an innovation in the 1960s to soak up excess dollars overseas. The US government actually required US corporations to fund offshore ventures via the capital markets. The book I am reading is The Invention of Entrepreneurship, eds Landes, Mokyr and Baumol with articles by several others. It starts with Sumer and Rome. I opened it in the middle to see what it was like and was impressed, if not entranced.
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