Eurobonds constitute an excellent instrument of international financial markets. They emerged in 1963 as a response of issuers and investors to the tightening of tax regulations related to raising capital by non-residents on the American market. The growth of eurobonds is impressive. In 1999, the market for international bonds amounted to USD 4.9 trillion while in 2003 it totalled USD 11.1 trillion. Financial institutions, state agencies, central authorities and enterprises and the principal issuance currencies are the euro and the dollar.

The profitability of eurobonds depends on a number of political and economic factors. A statistically significant relation between the eurobonds profitability and, among other things, nominal GDP growth can be noticed.

Eurobonds are inextricably tied with credit rating, i.e. classification of issuers or individual issues to set groups of risk. The credit rating influences the evaluation of a given entity's credibility, which is decisive for the cost of raising capital and the assumed supposed risk level attributed to it.

Unfortunately, the evaluation of credit rating is not always in accordance with the evaluation carried on the financial markets. Short and even long-term differences are noted between the rating assigned to a given issue and the real profitability of debt instruments on the international markets. In addition, there is a long-term asymmetry in time transition matrices of the rating. However, it does not undermine the statement that credit rating usually fulfils its functions.

Eurobonds constitute a basic instrument used by developing countries for their foreign debt management. As debt repayment instalments due to the Paris Club in 2005-2009 have accumulated, Poland is the most frequent and bigger issuer of eurobonds among Central and East European countries. A favourable spread on international markets maintained for a number of years now is another justification for such a strategy.