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Eurobonds: Legal Design Features

  • Michael Waibel EMAIL logo
Published/Copyright: October 27, 2016
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Abstract

In light of proposals for Eurobonds, this article explores central legal features of the Eurobond proposals. Section 2 focuses on the development of the law governing sovereign bonds and assesses the potential, but limited role of international law for Eurobonds. Section 3 considers the equal treatment of bondholders, looking at the two potential sources of non-discrimination obligations for sovereign bonds and their relevance to Eurobonds. Section 4 turns to two crucial design features of Eurobonds which existing proposals mostly address only in passing: (i) which legal entity issues Eurobonds; and (ii) what form of debt mutualization Eurobonds involve.

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Published Online: 2016-10-27
Published in Print: 2016-11-1

©2016 by De Gruyter

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