16. What is meant by a currency trading at a discount or at a premium in the forward market?

17. What is triangular arbitrage? What is a condition that will give rise to a triangular arbitrage opportunity?

18. Describe the differences between foreign bonds and Eurobonds. Also discuss why Eurobonds make up the lion's share of the international bond market.

19. Briefly define four of the major types of international bond market instruments, noting their distinguishing characteristics.

20. Why do most international bonds have high Moody's or Standard & Poor's credit ratings?