The Eurobond originated 50 years ago, when the US instituted a tax to make it more expensive to invest in foreign equities. The Eurobond market became a viable alternative and has become the largest fixed-income market for corporate debt. Analysts see Europe's proposed financial-transaction tax as having the same effect. "If you can transact without transaction costs, you will," said Jim Kean of Bayesic Asset Management. "There'll be a market in Singapore or somewhere else."
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