From the course: Applied Fixed Income

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International bond markets

International bond markets

From the course: Applied Fixed Income

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International bond markets

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- [Instructor] Now, not every country enjoys an open and deep pool of capital for bond raisings. Additionally, foreign investors may worry about regulatory scrutiny or taxation issues. Hence, we have a secondary, a second category, rather, of bond market types called international bonds. In teaching international bonds, I always like to start with the Eurobond market as that Eurobond, the first eurobond were pioneered by the London Investment Bank of S.G. Warburg in the 1960s, which eventually was merged into the Swiss investment bank, UBS, where I started my career. Hence, I always start with Eurobonds. Eurobonds are not to be confused with bonds issued by the European Union or the European Central Bank. The term Eurobond, as I am using it, is used to signify a debt instrument that is issued in a currency not native to the country where the issuer is based. This is generally done, as I mentioned earlier, for access to capital or to avoid regulations such as the case of the very first…

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