Bulletin of
Vitebsk State
Technological
University

The article examines trends in the global Eurobond market functioning, its dynamics, participation peculiarities in the market of developing countries and emerging markets. The article identifies the factors of the borrowing scale increase and objectives of sovereign and corporate borrowers on the Eurobond market. It is concluded that the main objectives of sovereign borrowers are: increasing of investment appeal and international image and enforcement of investors’ confidence; financing of current and unforeseen budget expenditures; refinancing and debt restructuring; satisfying domestic demand for currency resources. The principal aims of corporate borrowers’ (banks, non-financial institutions) entrance into the Eurobond market include the following: raising long-term debt capital market instruments; diversification of funding sources and investor base; searching for alternatives to traditional sources available on the domestic market; softer set of covenants as compared to bank financing; unsecured financing; crediting cost reduction, etc. The article analyses market dynamics of sovereign and corporate Eurobonds issued by CIS countries, along with features of the debut Eurobond issue of the Republic of Belarus. As a result the article concludes that it is necessary to consider characteristic aspects of the participation of developing countries and emerging markets when preparing for further entran rnational market by Eurobond issue.