The International Bill of Exchange (IBOE) is a type of financial instrument used in international trade and finance. It is a kind of bill of exchange, which is essentially a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. Here are some key points about IBOEs:

1. Global Use: IBOEs are used globally and are recognized in many countries, making them a versatile tool for international transactions.

2. Payment Obligation: Like other bills of exchange, an IBOE represents an unconditional order or promise to pay a specified amount of money at a set date or upon demand.

3. Transferability: They can be transferred from one party to another, which makes them useful for financing international trade. The transfer is often endorsed by the holder and can be done multiple times before the bill matures.

4. Credit Instrument: IBOEs are often used as credit instruments. They can provide the seller with immediate funds from their financial institution, even though the buyer might only pay at a later date.

5. Risk Mitigation: For exporters, IBOEs can reduce the risk of non-payment by the importer, as they represent a formal commitment to pay.

6. Legal Framework: The use and legal standing of IBOEs are governed by international law, including the Uniform Rules for Collections and the Uniform Commercial Code in the United States.

7. Maturity Date: The maturity date of an IBOE can be fixed or determinable, and payment is due either on demand or at a specific time after the bill is issued.

8. Bank Involvement: Banks often play a central role in the issuance, endorsement, and settlement of IBOEs, acting as intermediaries between the parties involved.

IBOEs are a part of a broader category of financial instruments known as negotiable instruments, which also include checks, promissory notes, and drafts. They are particularly useful in international trade, providing a secure and standardized method for settling transactions across borders.