Euro-denominated Eurobond market

The sterling-denominated Eurobond market has an active long-dated (30 years or more) sector, and this has led to two important differences in documentation compared to the Euro market. Firstly, to provide additional comfort to investors in long maturity paper, the bonds are often secured by charges on the issuers assets. It is worth noting in this connection that the common terminology can be inconsistent. Market... 

Since the establishment of European Monetary Union on 1 January 1999, the word Eurobond has taken on an additional meaning— that of a euro-denominated security. In this chapter we generally use Eurobond both for issues that are in Eurobond format, and that are euro-denominated. There are, of course, markets for noneuro denominated corporate issues, chiefly in dollars and sterling. Noncorporate borrowers, such as sovereigns, supranationals, and agencies, are also big issuers of Eurobonds in all the major currencies. 

Floating-rate notes (FRNs) are Eurobonds that have their coupon levels reset periodically, with reference to a money market rate. For dollar-denominated assets, this is LIBOR (the London Inter-bank Offer Rate) as determined by a group of 16 reference banks. The mechanism is run by the British Bankers Association (BBA). The BBA also supervises LIBOR fixings in a number of other currencies. For euros, the most common reference rate is EURIBOR, as determined by a reference group of around 50 banks chosen by European Banking Federation. In both cases, most issues are priced off of the three-month rate, although one-month and six-month rates are also used. 

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