Page 26 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0649%u0644 %u062d%u0642 %u0627%u0645%u0644%u0624%u0644%u0641 26 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u0629This chapter discusses the structure of the international bond market.Global bond7:%uf0b7Most issues of the global bonds are denominated in U.S. dollars, and second in Japanese Yen.%uf0b7The issue of the global bonds is too large to be sold in any one country. So, global bonds are traded in the major world markets. The average size of global bond issues has been about one billion dollars.%uf0b7The U.S. dollar global bond sold by a foreign borrower in the United States is classified as a Yankee bond. The U.S. dollar global bond sold outside the United States is a Eurobond.What is the difference between foreign bonds and Eurobonds?%uf0b7 The international bond market encompasses two basic market segments: foreign bonds and Eurobonds.Foreign bond:A foreign bond is a global bond offered by a foreign borrower to the investors in a national capital market and denominated in that national currency. An example is an Egyptian borrower issuing dollar-denominated bonds to investors in the U.S.Eurobond:Eurobond is a global bond offered to investors in national capital markets other than the country that issued the denominating currency. An example is an Egyptian borrower issuing dollar-denominated bonds to investors outside the U.S., like the U.K., Germany, or France.Eurobond Market:%uf0a7 Primary Market:Eurobonds are initially purchased in the primary market from a member of the selling Group.%uf0a7 Secondary Market:The secondary market for Eurobonds is an over-the-counter market (OTC) centered in London. However, important trading is also done in other major European money centers, such as Luxembourg, Zurich, Frankfurt, and Amsterdam.7 --Eun, C. S., & Resnick, B. G. (2012). International financial, edition Six, McGraw Hill.