Eurobonds: Legal Design Features

24 Pages Posted: 10 Aug 2016 Last revised: 26 Mar 2020

See all articles by Michael Waibel

Michael Waibel

University of Vienna - Faculty of Law

Date Written: August 1, 2016

Abstract

In light of proposals for Eurobonds, this article explores central legal features of the Eurobond proposals. Section I focuses on the development of the law governing sovereign bonds and assesses the potential, but limited role of international law to Eurobonds. Section II 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 III 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.

Keywords: Eurobond, governing law, issuer, European Monetary Union, Sovereign Debt

JEL Classification: E42, E44, E61, F33, F36, H63, H77

Suggested Citation

Waibel, Michael, Eurobonds: Legal Design Features (August 1, 2016). University of Cambridge Faculty of Law Research Paper No. 37/2016 12 (2016) Review of Law and Economics 635-657. Available at SSRN: https://ssrn.com/abstract=2820503 or http://dx.doi.org/10.2139/ssrn.2820503

Michael Waibel (Contact Author)

University of Vienna - Faculty of Law ( email )

Schottenbastei 10-16
Vienna, A-1010
Austria

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