Some international bond funds invest in eurobonds.
These are bonds with a par value of $100,000 or more that are offered for sale outside of the issuer's home country in a currency other than that of the home currency. Don't let the name confuse you, though. Although they're frequently sold in Europe, eurobonds aren't necessarily denominated in euros nor issued in a European country. It could be yen, or Australian dollars, or Swiss francs. For example, if the United Arab Emirates sells bonds in London denominated in pounds, those are eurobonds.
One kind of eurobond of particular interest to U.S. investors is the eurodollar bond: a eurobond issued in U.S. dollars. These bonds may even be issued by corporations based in the U.S. In fact, sometimes a U.S. company's eurodollar bond provides a higher yield,
without currency risk, than its domestic bonds.
Eurobonds tend to have shorter maturities than comparable domestic U.S. bonds and offer a greater degree of call protection. While U.S. bonds can be called anytime after a day known as the call protection date, eurobonds can be called only on specific dates.
Jeffrey Rosensweig, Goizueta Business School, Emory University
Global bonds are issued in three time zones simultaneously, sometimes with a par value as high as $2 billion.
Samurai bonds are issued in Japan by non-Japanese companies and denominated in yen.
Bulldog bonds are issued in the U.K. by non-U.K. companies and are denominated in British pounds.
Kiwi bonds are issued in New Zealand by non-New Zealand companies and are denominated in New Zealand dollars.
Dual-currency bonds pay interest in one currency but are redeemed in another.