A bond that is issued on the UK market by a foreign company (borrower), typically denominated in British pounds. This bond, issued by can be issued in England (sterling-denominated) by a non-British firm or institution, such as a U.S.-based company. As such, a U.S. investor buying a bulldog bond would be exposed to additional risks but also entitled to potential rewards arising from possible “favorable” changes in the value of sterling in relation to the dollar.