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Global Banking$
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Roy C. Smith, Ingo Walter, and Gayle DeLong

Print publication date: 2012

Print ISBN-13: 9780195335934

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780195335934.001.0001

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Global Bond Markets

Global Bond Markets

Chapter:
(p.73) Chapter 4 Global Bond Markets
Source:
Global Banking
Author(s):

Roy C. Smith

Ingo Walter

Gayle Delong

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195335934.003.0004

This chapter discusses the global bond market, which provides medium- to long-term financing. In the international arena, Eurobonds are the principal form of such financing. Eurobonds are outside the regulatory reach of national markets (they are sold through banks or as unregistered private placements in them) and may be issued easily, quickly and at relatively low cost. The Eurobond market is the world’s only unregulated capital market. However, it imposes strict self-regulation, because reputations are very important in this market. The process of securitization is introduced in this chapter, whereby lenders bundle similar types of loans and then sell bonds based on the cash flows of the underlying securities.

Keywords:   Eurobond, medium- and long-term financing, securitization, self-regulation

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