Select three of the following. For each selected security, describe the characteristics of the security, including, e.g., whether the security represents debt or equity of the issuer, what is the typical maturity of the security, whether an investment bank or a commercial bank is typically involved when the security is issued, whether the security trades on an exchange or in the “over the counter” market (or does not trade in the secondary market), etc.

Eurocurrency deposit

Sovereign debt

American depository receipt

Banker’s acceptance

b. What does it mean if a security is issued “offshore” or in the “international” market?