Eurobonds refer to

Eurobonds: Bonds whose face value is not the local currency of the issuing country. Refers to the bonds traded in the external currency market, taking the external currency as the unit. European bonds are not restricted by any country's capital market and are tax-free. Their face value can be calculated in the issuer's local currency or other currencies. For multinational companies and third world governments, euro bonds are an important channel for them to raise funds. Traditional European bonds can be divided into ordinary bonds, convertible bonds, ordinary bonds with warrants and floating interest rate bills. In addition, bonds are issued in two ways: multi-currency and accounting unit. Although the face value of the former is a single currency, investors can choose one of several currencies to repay; The latter refers to bonds issued by accounting units such as European Monetary Unit, European Union Unit (Eurco), Arab Monetary Union Unit (Arcru) and Special Drawing Rights (SDR). Eurobonds can also issue bearer bonds, but if borrowers are not allowed to issue them, they can negotiate with the issuing bank to issue bearer depositary receipts.

Eurobonds are bonds issued by a government, financial institutions, industrial and commercial enterprises or international organizations in foreign bond markets with the face value of third countries' currencies. For example, a dollar-denominated bond issued by a French institution in the British bond market is a euro bond. The issuer, place of issue and face value currency of Eurobonds belong to three different countries.

The issuance of such bonds is strict. First of all, the bonds to be issued must be rated by authoritative international securities rating agencies. Secondly, bonds need government or large banks or enterprises to guarantee. In addition, they need to have experience in issuing bonds in the international market. Moreover, there are some restrictions on the time interval. The issuance of such bonds is usually underwritten by an international underwriting syndicate, usually led by 4-5 large multinational banks, forming a worldwide underwriting syndicate. Sometimes the underwriting syndicate has to organize a larger loose subscription group, and unite a large number of banks, brokers and securities trading companies in various countries to arrange sales in a wider range. In addition to the single currency, the face value currency of European bonds can also be issued in comprehensive monetary units, such as special drawing rights and the accounting unit of the European monetary system. Eurobonds can be issued simultaneously in several countries.