... because of its flexibility (the markets are above country markets and regulation and therefore lack national barriers to entry and are subject to less political risk), the Euromarkets, and in the UK’s case the EuroSterling market, continue to grow and be the market of choice for issuance. ... crises, political unrest and defaults. 13 ‘Bells and whistles’ could include call options, put options, odd coupon payments all of which can be complex to understand and can therefore be a disincentive to ownership. Demand for these types of bonds ... months the size of the non‐gilt market has fallen, mainly due to significant maturing bonds, slower growth and deleveraging. Figure 2: Total value of the UK bond market end February 2010 Sizes and proportions of UK Gilt and EuroSterling Market and proportions 100% 800 ...