The Meb Faber Show · Friday, September 11, 2026
The Dutch played a significant role in developing the bond market, not only for national independence but also through corporate innovations. The Dutch East India Company (VOC) was responsible for the first issue of corporate bonds and the establishment of the first stock market.
“The Dutch, I think, were the ones that really first took it to the next level where they used it, you know, most of large parts of the Netherlands are below sea level. So they had to build this incredibly elaborate system of dykes and waterways. And that was all paid for by bonds.”
“But the Dutch did start with corporate bonds. So the VOC, the Dutch East India Company, first stock, the first stock market, there was also the first issue of corporate bonds. They had a maturity.”
“But most bonds were perpetual. You'd essentially, you'd issue them and you pay them back when you could redeem them sometimes whenever you wanted or maybe after five years or something.”