A feature of the past decade has been the growing internationalisation of bond markets. One aspect of this has been the rapid growth of the predominantly London-based eurobond market. Another has been the growth in the participation of foreign investors, issuers and intermediaries in the major domestic markets. These developments have been due in part to the processes of increased global economic interdependence, financial liberalisation and technological innovation. As a result, interactions between domestic bond markets and the eurobond market have grown. This article examines the expansion of the eurobond market, the increasing links between euro, domestic and foreign bond markets, and the extent to which a truly global, homogeneous marketplace has begun to emerge.
Published on
01 December 1991
The international bond market