The term international bond is used to refer to both foreign bonds and eurobonds. Foreign bonds are bonds which are sold in a country other than that in which their issuing entity is domiciled. Eurobonds are bonds which are denominated by a currency other than that of the countries in which they are issued.
International bonds are used by borrowers to raise funds from lenders in other jurisdictions using debt instruments regulated by the jurisdiction in which the lenders are domiciled. For example, the government of a developing country may issue a bond in a country which is a major financial center in order to reach investors which would not be prepared to invest in bonds issued in developing countries. Because the foreign bond is regulated by the laws applicable to its host country, investors in the host country are more likely to invest in it.
Eurobonds allow investors to buy bonds which are denominated by a strong currency, but fall outside the legal jurisdiction of the country which issues the denominating currency. For example, a eurobond may be issued in Singapore but denominated by the U.S. dollar. These would enable investors to invest U.S. dollars in bonds without the risk of currency exchange rate fluctuations. As opposed to bonds issued in the U.S., these eurobonds would be governed by the laws of Singapore rather than by U.S. law.
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