Many start-up issuers have either graduated or are about to graduate from low-income country status and transfer to the category of middle-income countries and, as a result, there are reductions in available multilateral concessional funds. Therefore, the growing financing needs for many start-up issuers, together with reduced access to concessional financing, relatively underdeveloped domestic markets and a favorable interest rate environment have made international bonds an attractive financing alternative. The issuance of global bonds allows these issuers to diversify their investor base and exploit fewer credit constraints in a more liquid global bond market. Moreover, by issuing bonds in any of the currencies with the lowest cost of capital, start-up issuers are able to reduce th