The Eurobond Market
The Eurobond Market is ... major source of corporate financing in ... unregulated international capital market.
This market permits lenders to lend directly to borrowers across ... national borders.
The borrowers or issuers of the bonds include MNCs, public sector organizations, sovereign states and ... commercial banks. The lenders or purchasers of the bond securities are individual and institutional investors, with ... latter group dominating. Generally, purchasers buy Eurobonds in currencies other than their own and ... major attraction of these bonds for investors is that in most currencies they are anonymous bearer bonds that exempt individuals from capital gains and withholding taxes in their own domestic system.
Banks play a major role in ... Eurobond market by bringing together lenders and borrowers, underwriting the bond issue, selling or placing the bonds, supporting the secondary market in bonds, and managing the repayment of interest and capital to ... investors. The participating banks will receive ... fee for each of these services rendered to the borrower or investor.
The key to the market is ... established and high quality credit rating with an internationally recognised rating agency such as Moody's or Standard and Poor's.
Eurobonds, of whichever currency denomination, are listed in another country and trade independently of any domestic market. In recent years there has been ... continued rapid expansion of Eurobond issuance that has been one of... most significant developments in bond markets worldwide.
In this context, there was one more fast-growing market that deserves ... mention. It is the ECU (European Currency Unit) bond market which proved to be popular a few years ago and paved the way to the single Eurobond market.
Words you may need:
MNC (multinational company) многонациональная компания (корпорация)
anonymous adj безымянный, анонимный
Moody's (Investors Service) ведущее агентство по установлению рейтингов ценных бумаг
Standard and Poor's (Corporation)ведущая фирма по установлению рейтингов ценных бумаг
listv (зд.) зарегистрировать на бирже
ECU (European Currency Unit)Европейская валютная единица (ЭКЮ)