is a consequence of the degree of fragmentation in the bond market, I would point to options markets and European bond markets-which are similarly fragmented, but much more transparent on a pre-trade basis. A combination of mathematical and regulatory initiatives are aimed at addressing pre-trade transparency in the U.S. corporate bond markets. Foreign-currency denominated bonds In February 2015 it was expected that Apple Inc. would issue its corporate bonds in Swiss francs, as the yields of Switzerland's government bonds went negative. Taking advantage of the very low borrowing costs, the computer maker intended to sell CHF-denominated bonds for the first time. The California-based company did sell positive-yield and Swiss franc-denominated bonds on 10 February 2015, borrowing CHF 1.25 billion (nearly equivalent to US$1.35 billion). It was thought that the company aimed to expand its total shareholder return more in 2015 than in 2014. See also Corporate debt bubble Corporate debt by country List of most indebted companies References Commercial bonds pt:Debênture