Although, theoretically, Eurobonds can be issued in the form of individual physical bond certificates, it has become a universal market practice for the Eurobonds of corporates and sovereigns to be issued in the form of global bond certificates representing all the outstanding securities of a particular series. Global bond certificates are deposited with authorized depositaries that keep records of their participants (i.e., market professionals) that in turn keep records of beneficial owners of the bonds. Such practice has evolved primarily because of the convenience of trading and settlement among market participants through centralized clearing agencies. If Eurobonds were issued in the form of individual physical bond certificates, it would substantially impair the efficiency of trading and settlement, as each transfer of interest in bonds would require the physical exchange of the bond certificates.

поскольку каждая передача прав на облигации потребовала бы физического обмена сертификатов акций. ?
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