Eurobonds are international bonds with a freely convertible currency as the par value unit. The country where the issuer is located, the country where the issuing market is located and the country where the par currency is located have different nationalities. The issuance of such bonds is relatively strict. First of all, the bonds to be issued must be rated by authoritative international securities rating agencies. Secondly, bonds need to be guaranteed by the government or large banks or enterprises. In addition, they need to have experience in issuing bonds in the international market. Moreover, there are some restrictions on the time interval. The issuance of such bonds is usually underwritten by an international underwriting syndicate, usually led by 4-5 large multinational banks, forming a worldwide underwriting syndicate.

Sometimes, in order to arrange sales in a wider range, the underwriting syndicate has to organize a larger loose subscription syndicate to unite a large number of banks, brokerage companies and securities trading companies in various countries. In addition to the single currency, the face value currency of European bonds can also be issued in comprehensive monetary units, such as special drawing rights and accounting units of the European monetary system. Eurobonds can be issued simultaneously in several countries.

Eurobonds are bonds issued by a country's government, financial institutions, industrial and commercial enterprises or international organizations in foreign bond markets with the face value of a third country's currency. For example, bonds issued by French institutions in the British bond market with a face value of US dollars are Eurobonds. The issuer, place of issue and face value currency of Eurobonds belong to three different countries. Eurobonds came into being in the 1960s, which is an international bond with the formation of European money market. After the 1960s, the American government was forced to take a series of restrictive measures because of the continuous outflow of American funds. 1in July, 963, the American government began to levy interest balance tax, stipulating that all interest earned by American residents from purchasing foreign securities issued in the United States should be taxed. 1June, 965, the United States government issued regulations again. These two measures make it difficult for foreign borrowers to issue US dollar bonds or obtain US dollar loans. On the other hand, in the M era, many countries had large dollar surpluses and needed to invest in the lending market to earn interest, so some European countries began to issue dollar bonds outside the United States, which was the origin of European bonds.

At first, European bonds were mainly denominated in US dollars and issued mainly in Europe. After 1970s, with the increase of the fluctuation of US dollar remittance, the proportion of European bonds denominated in Deutsche Mark, Swiss ten francs and Japanese yen gradually increased. At the same time, European bonds issued in Asia, North America and Latin America are increasing. Since its appearance, European bonds have developed very rapidly. The bond issuance in 1992 was $276 1 billion, and in 1996 it increased to $5910.6 billion. In international bond markets, the proportion of European bonds far exceeds that of foreign bonds.