https://kilenra.com/blog/2020/05/29/understanding-eurobonds-nigeria-west-africa/


Eurobonds are bonds that are denominated in a currency other than that of the issuer.

In the case of FGN 6.75% US$500 million January 2021 eurobond, for example, it is a bond issued by the Federal Government of Nigeria in Nigeria but denominated in US Dollars. Those who buy it, buy in Dollars and the interest and principal repayment are conducted in US Dollars.

As can be noted from the above example, eurobonds are not necessarily denominated in Euros as the name implies. Actually, bonds denominated in US Dollars are better known as Eurodollar bonds, while those denominated in Japanese Yen are called euroyen bonds, but eurobonds have come to be generally associated with bonds denominated in currencies other than that of the issuer.