Sovereigns
National governments issue Eurobonds to borrow in a hard currency, diversify their investor base and set a benchmark for other borrowers from their country. Many emerging-market governments rely on US dollar and euro Eurobonds alongside their local-currency debt.
Supranationals and agencies
Institutions owned by several governments, such as the European Investment Bank, the World Bank (IBRD) and the Asian Development Bank, are among the largest and most frequent issuers. They usually carry very high credit ratings. Government agencies and state-owned development banks issue in a similar way.
Banks and financial institutions
Banks issue senior bonds, covered bonds and subordinated capital instruments. Their bonds form one of the biggest parts of the market by volume.
Corporates
Large companies from utilities and telecoms to mining, energy and consumer goods borrow through Eurobonds, either in investment-grade or high-yield form. For companies in countries with small domestic bond markets, Eurobonds may be the main way to raise long-term debt.
Municipalities and regions
Some cities and regional governments issue internationally, though this is a smaller segment.