List of foreign currency bonds

Foreign currency bonds are bonds denominated in a currency that is foreign to the entity issuing the bonds.

List of Foreign Currency Bonds

Western Nations

  • United States of America
    • American Yankee bond, a U.S. dollar-denominated bond issued by a non-U.S. entity in the U.S. market.
    • Eurodollar bond, a U.S. dollar-denominated bond issued by a non-U.S. entity outside the U.S.[1]
  • Australia
    • Kangaroo bond, an Australian dollar-denominated bond issued by a non-Australian entity in the Australian market.
  • Canada
    • Maple bond, a Canadian dollar-denominated bond issued by a non-Canadian entity in the Canadian market.
  • United Kingdom
    • Bulldog bond, a pound sterling-denominated bond issued in London by a foreign institution or government.[2]

BRICS Nations

  • Russia
    • Matryoshka bond, a Russian rouble-denominated bond issued in the Russian Federation by non-Russian entities. The name derives from the famous Russian wooden dolls, Matrioshka, popular among foreign visitors to Russia.
  • India
    • Masala bond, an Indian rupee-denominated bond issued outside India.
  • China
    • Panda bond, a Chinese renminbi-denominated bond issued by a non-China entity in the People's Republic of China market.[3]
    • Dim sum bond, a Chinese renminbi-denominated bond issued by a Chinese entity in Hong Kong. Enables foreign investors forbidden from investing in Chinese corporate debt in mainland China to invest in and be exposed to Chinese currency in Hong Kong.[4]
    • Kungfu bond, an offshore U.S. dollar-denominated bond issued by Chinese financial institutions and corporations.[5]
    • Pearl bond/Free Trade Zone bond, a Chinese renminbi-denominated bond issued by an entity in the Shanghai Free-Trade Zone offshore market.[6]
    • Yulan bond, a bond issued by a Chinese entity denominated in currencies supported by Euroclear through Euroclear Bank and the Shanghai Clearing House.[7]
  • Indonesia
    • Komodo bonds, rupiah-denominated global bonds issued in Indonesia.[8]

Non-BRICS Asian Nations

  • Japan
    • Samurai bond, a Japanese yen-denominated bond issued by a non-Japanese entity in the Japanese market.
    • Uridashi bond, a non-yen-denominated bond sold to Japanese retail investors.
    • Shibosai Bond, a private placement bond in the Japanese market with distribution limited to institutions and banks.
    • Shogun bond, a non-yen-denominated bond issued in Japan by a non-Japanese institution or government.[9]
  • Korea
    • Arirang bond, a Korean won-denominated bond issued by a non-Korean entity in the Korean market.[10]
    • Kimchi bond, a non-Korean won-denominated bond issued by a non-Korean entity in the Korean market.[11]
  • Taiwan
    • Formosa bond, a non-New Taiwan Dollar-denominated bond issued by a non-Taiwan entity in the Taiwan market.[12]
  • Singapore
    • Lion City bond, a foreign currency-denominated bond issued by a foreign company in Singapore.

Other Nations

  • Huaso bond, a Chilean peso-denominated bond issued by a non-Chilean entity in the Chilean market.[13]
  • Baklava bond, a bond denominated in Turkish Lira and issued by a domestic or foreign entity in the Turkish market.[14]
  • Eurobond, a bond where the currency denomination differs from the currency of the country in which it is issued. The term is unrelated to the Euro currency.[15]
  • Dual currency bond, a bond where the currency for the coupon payments differs from the currency for the principal repayment.[16]

See also

References

  1. ↑ Eurodollar Bonds Overview: Functionality and Importance, accessed 2026-05-06.
  2. ↑ "Bulldog Bond Definition from Financial Times Lexicon". Archived from the original on 2018-11-16. Retrieved 2017-06-19.
  3. ↑ Areddy, James T. (2005-10-11). "Chinese Markets Take New Step With Panda Bond". The Wall Street Journal. Retrieved 2007-07-06.
  4. ↑ Stein, Peter (2010-11-01). "Dim Sum Bonds on the Menu for Foreign Investors". The Wall Street Journal. Retrieved 2010-11-01.
  5. ↑ "Charting the Growth of Kungfu Bonds" (PDF). Bloomberg LP. 12 June 2018. Retrieved 9 December 2018.
  6. ↑ "Free Trade Zone (FTZ) Offshore Bonds - Singapore Exchange (SGX)". www.sgx.com. Archived from the original on 2025-12-10. Retrieved 2026-07-29.
  7. ↑ "China's Yulan Bond Sales Boom in Signs of Deeper Ties With Europe". Bloomberg News. January 20, 2026.
  8. ↑ "Komodo Bonds". London Stock Exchange Group. Retrieved 16 February 2022.
  9. ↑ "Ninja loans may yet overtake samurais". The Standard. 2005-12-05. Archived from the original on 2007-09-29. Retrieved 2008-12-09.
  10. ↑ Batten, Jonathan A.; Peter G. Szilagyi (2006-04-19). "Developing Foreign Bond Markets: The Arirang Bond Experience in Korea" (PDF). IIS Discussion Papers (138). Retrieved 2007-07-06.
  11. ↑ Gwon, Yeong-seok (2006-05-24). "'김치본드' 내달 처음으로 선보인다 (Announcement: first 'Kimchi Bonds' next month)". The Hankyoreh. Retrieved 2007-07-06.
  12. ↑ Chung, Amber (2007-04-19). "BNP Paribas mulls second bond issue on offshore market". Taipei Times. Retrieved 2007-07-04.
  13. ↑ Moura, Fabiola (2011-03-26). "Chile Expects More 'Huaso' Bond Sales in Coming Months, Larrain Says". Bloomberg.
  14. ↑ Memili, Ümit (2012). Baklava Bonds: Sweet Margins in Turkey. Evaluating Turkish Corporate Bonds in Local Currency. p. 117.
  15. ↑ Eurobond: Definition, Issuers, Advantages and Disadvantages, accessed 2026-05-06
  16. ↑ Dual currency bond, accessed 2012-06-08.
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