Offshore issue of a corporate or government bond, usually a bearer bond. Typically issued in Luxembourg or Netherlands Antilles. Exists beyond the regulations of the issuing country. Uses a currency other than the issuer’s country. They cannot be traded in the US. Non-European institutions sell them in Europe but they are cleared and settled using Euroclear and CEDEL, European bank-owned clearing houses. Their norm is a fixed final maturity of 10 to 15 years, but some are perpetual. Known also as global bond.