International bonds

Foreign bonds
e.g. Yankees are issued by non-US firms in the US, Samuai bond issed by non-Japanese but traded in Japan, bulldog bonds in London.

Eurobonds
· Unsecured
· issued outside the legal system of any one country
· not usually registered through a regulatory agency
· offered simultaneously to investors in several countries by a group of int’l investment and merchant bankers
· Straight fixed-rate coupon bond- Euro Straights, others called plain vanilla bonds.

Global bonds
· sold in Yankee and Eurobond market

Sovereign debt
· issued by various governments.
· Ideal for investors diversifying abroad.
· Withholding tax is a key concern}, borrow directly from banks.