A bond that is denominated in U.S. dollars but sold mainly in and through Hong Kong and Singapore financial markets. In this sense, this bond is functionally equivalent to a Eurobond (it can be viewed as a Eurobond that is listed in Asia). A dragon bond is designed for investors in Asian markets who are interest in dollar-denominated, locally issued debt instruments. It was introduced by the Asian Development Bank in 1991. With the increasing importance of China, dragon bond issues have become very common.