UK Accounting Glossary
A bond issued in the US by a foreign borrower.
Accounting Slang: A Yankee is a bond issued in the USA by a borrower that is not a US-resident company.
Yankee bonds are securities issued in the US by a foreign company.
A Yankee Bond is a bond issued by a foreign (foreign to the US) entity, such as a bank or company, but is issued and traded in the United States and denominated in U.S. dollars.
This is not to be confused to Yankee Bonds. Yankee Dollars are simply slang for American Dollars.
Noun 1. United States dollar – the basic unit of money in the United States.
Yankee Bonds are bonds issued & traded in the United States by foreign entities; Yankee bonds are traded & denominated in U.S. Dollars. They are registered & monitored by the US Securities & Exchange Commission (SEC).
People sometimes get confused between Yankee bonds & Euro-bonds. Whilst Yankee Bonds are solely U.S. foreign market bonds, Euro-bonds are a global phenomenon.
A Euro-bond is a bond issued in any currency other than the currency of the country in which it is issued. For example – A Euro-sterling bond is a bond to borrow sterling from outside Germany or say an American MNC can issue Euro-dollar bond in Britain to raise U.S. Dollars.
Euro-bonds can be issued in any currency.
In 2003, a new type of bond called Reverse Yankee Bonds emerged into the world financial markets. In general, a Reverse Yankee Bond is a bond, usually of a high grade, issued by a U.S. company outside the U.S., and denominated in a currency other than the U.S. dollar.
A foreign bank (foreign to the US) with operations in the U.S. Bonds issued by these banks are called Yankee bonds.
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This glossary post was last updated: 27th January 2019.