A Eurobond is a debt security issued by a borrower in a market outside its home jurisdiction in a denominated currency. For example, an Australian Dollar Eurobond is a bond issued in Australian dollars which is issued and sold outside Australia. The bonds are typically governed by UK law (rather than Australian law), are listed on a European exchange and traded and settled outside Australia. There are limitations on the sale of Eurobonds in some jurisdictions. The majority of Eurobonds are now owned in electronic rather than physical form. The bonds are held and traded within one of the clearing systems (Euroclear and Clearstream being the most common). Coupons (interest payments) are paid electronically via the clearing systems to the holder of the Eurobond or their nominee account. The Eurobond market has no national “home” and is by no means exclusively European in its composition. In recent years EU resident borrowers have only accounted for 40% of Eurobonds issued.
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