what is yankee bonds? What is a samurai bond? What is a dragon bond?
yankee bonds, samurai bonds and dragon bonds are two kinds of foreign bonds.
yankee bonds is a foreign bond issued in the U.S. bond market, that is, bonds issued by governments, financial institutions, industrial and commercial enterprises and international organizations outside the United States in the domestic arena, and denominated in US dollars. The word "Yankee" means "Yankee" in English. Because foreign bonds issued and traded in the United States are all dealing with "American Excellence", it is named yankee bonds. Yankee bonds has several characteristics: ① The term is short and the amount is large. The term of yankee bonds is usually 5-7 years, and the term of yankee bonds issued by some reputable large institutions can even reach 2-25 years. In recent years, the average amount of issuance in yankee bonds is between 75 million and lj billion dollars, and some large-scale issuance even reaches several hundred million dollars. (2) The American government controls it strictly, and the application procedures are far more complicated than ordinary bonds. ③ The issuers are mainly foreign governments and international organizations. ④ Investors are mainly life insurance companies, savings banks and other institutions.
yankee bonds has existed for a long time, but before the 198s, the issuance of yankee bonds was strictly controlled by the US government, and the scale of issuance was not large. Since the mid-198s, the US Congress has complied with the trend of financial midfield reform, passed amendments to securities trading, and simplified the issuance procedures of yankee bonds. Since then, the yankee bonds market has developed continuously. In 1992, the circulation of yankee bonds was $23.2 billion, which increased to $4.5 billion in 1996.
samurai bonds are foreign bonds issued in Japan's bond market, which are bonds issued by governments, financial institutions, industrial and commercial enterprises and international organizations outside Japan in Japan's domestic market with yen as the currency. Takeshi was a very respected occupation in ancient Japan. Later, people used to use things with Japanese characteristics together with Takeshi, hence the name "samurai bond". Samurai bonds are unsecured, with a typical term of 3-1 years, and are generally traded on Tokyo Stock Exchange.
The first samurai bond was issued by the Asian Development Bank in December 197. The issuers of the early samurai bonds were mainly international institutions. From 1973 to 1975, due to the surge in world oil prices, Japan's balance of payments deteriorated, and the issuance of samurai bonds was interrupted accordingly. After the 198s, Japan experienced a huge trade surplus and abundant domestic funds. Japan relaxed restrictions on the issuance of foreign bonds, and the issuance of samurai bonds increased substantially.
China's financial institutions issued foreign bonds when they entered international bond markets. In January 1982, China International Trust and Investment Company issued 1 billion yen of Wushang bonds in Tokyo, Japan, and in November 1984, China Bank issued 2 billion yen of samurai bonds in Tokyo, Japan.
Dragon bonds are foreign bonds issued in the currencies of Asian countries or regions with Philippine yen. Dragon bond is the product of rapid economic growth in East Asia. Since 1992, dragon bond has developed rapidly. Dragon bond is listed in Asia (Hong Kong or Singapore), and its typical repayment period is 3-8 years. Dragon bonds have higher credit requirements for issuers, generally the government and relevant institutions. Investors of Dragon Bond include official institutions, central banks, fund managers and individual investors.