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Eurobonds: Legal Design Features

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  • Waibel Michael

    (Lauterpacht Centre for International Law, University of Cambridge, CB3 9BL Cambridge)

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.

Suggested Citation

  • Waibel Michael, 2016. "Eurobonds: Legal Design Features," Review of Law & Economics, De Gruyter, vol. 12(3), pages 635-657, November.
    • Handle: RePEc:bpj:rlecon:v:12:y:2016:i:3:p:635-657:n:8
    DOI: 10.1515/rle-2016-0046
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    References listed on IDEAS

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