Eurobonds: Legal Design Features

24 Pages Posted: 10 Aug 2016

See all articles by Michael Waibel

Michael Waibel

University of Cambridge - Faculty of Law; Lauterpacht Centre for International Law; University of Cambridge - Jesus College

Date Written: August 1, 2016


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. Available at SSRN: or

Michael Waibel (Contact Author)

University of Cambridge - Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

Lauterpacht Centre for International Law ( email )

5 Cranmer Road
Cambridge, CB3 9BL
United Kingdom

University of Cambridge - Jesus College ( email )

Jesus Lane
Cambridge, CB5 8BL
United Kingdom

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