A Eurobond that is denominated in Japanese yen and issued by a non-Japanese company outside of Japan. Despite what the name suggests, Euroyen bonds can be found in bond markets around the world, not just in European markets. |||For example, if a U.S. bank holds yen-denominated bonds issued by a French company, then it is holding Euroyen bonds.These types of bonds are advantageous because they face less regulatory restrictions. Euroyen bonds also tend to have small par values and high liquidity. These types of bonds have been around since 1984, when Japan started to open its financial markets.
A bond that can be redeemed by the issuer at a predetermined date prior to maturity. |||The main cause of a call is a decline in interest rates since the first date of issue. If the interest rate is lower on the call date, the issuer would likely call the current issue of bonds and distribute a new issue at a lower interest rate. These types of bonds pose interest rate risk to bondholders, though not as much as an American callable bond (which can be called at any time). After the call date, the bond behaves similarly to a vanilla bond with a similar coupon and time to maturity.
A U.S.-dollar denominated bond issued by an overseas company and held in a foreign institution outside both the U.S. and the issuer's home nation. Eurodollar bonds are an important source of capital for multinational companies and foreign governments. A eurodollar bond is a type of Eurobond. |||Don't let the name confuse you! Although the eurodollar originated in London, the name today refers only to the history, not the currency.For example, if a Chinese bank held dollar-denominated bonds issued by a Japanese company, this would be considered a eurodollar bond. Eurodollar bonds are advantageous because they are subject to fewer regulatory restrictions. They are not registered with the United States' Securities and Exchange Commission and can be sold at lower interest rates than in the U.S.
A type of loan whose denominated currency is not the lending bank's national currency. |||A U.S. bank lending a corporation 10 million Russian rubles is an example of Eurocredit. Eurocredit helps the flow of capital between countries and the financing of investments at home and abroad.
A bond issue with a maturity that can be extended to a longer period at the option of the issuer. |||If interest rates are higher at maturity (than they previously were before) then the issuer is more likely to try and extend the bond.
A theory proposing that long-term interest rates can act as a predictor of future short-term interest rates. |||Empirical evidence suggests this hypothesis often overstates future short-term interest rates. This over-estimation may be due to the higher risk premium associated with holding a long-term debt security whose yield is more uncertain due to potential changes in interest rates.
High-quality securities that are assumed to be risk free, or commercial paper that is issued by solid blue-chip companies that have minimal risk of default. Fine paper will trade at a small spread over government issued fixed-income securities to reflect their marginal risk over truly risk-free debt. |||Fine paper, by virtue of its sterling credit quality, generally offers yields that are lower than those of lower rated securities. In the fourth quarter of 2008, however, the credit crunch resulted in a near-total freeze of the U.S. commercial paper market, and even the finest of paper was subject to financial uncertainty.
A federally guaranteed obligation is debt that is backed by the full power of the United States government. This type of debt is considered risk-free because it is guaranteed by the full faith and credit of the United States government. |||Examples of federally guaranteed obligations include Treasury bills (T-bills), Treasury notes and Treasury bonds. These different obligations are categorized based on length of time before maturity. Bills mature in less than one year; notes mature in one to 10 years; bonds mature in more than 10 years. Bonds are considered safe when the issuing country is deemed economically stable. The debt of developing countries would carry more risk because their instability can lead to payment default.
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