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Euro CDs are CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs are issued in London. A Euro CD is a Eurodollar deposit, which are bank deposits denominated in U.S. dollars but held at locations outside of the U.S. Initially, the term only referred to dollar deposits in London; later it became applicable to dollar deposits anywhere in Europe or the Caribbean; now it often refers to dollar deposits at any offshore location. The deposits may be held by the foreign branches of U.S. banks or by non-U.S. banks. Eurodollar deposits may be Eurodollar certificates of deposit or simply Eurodollar time deposits. The certificates are more liquid than the time deposits and therefore trade at lower yields/higher prices.