Fund managers always keep their tab on the market, and keep searching for avenues where they can park their assets for a higher return. Although the equity markets, all over the world are much more popular for such activities, and have started to assume a more prominent role during the past decade, yet the bond market (fixed income security instruments) still command their dominance over the equity market in terms of the size/volumes traded. However with respect to the concept of diversification, presence of the numerous numbers of exchanges around the world can always be a source of confusion for the fund managers. This paper would try to address that by clubbing similar bond markets into one group.