Euro crisis solution 2: mutual guarantees

Merging all eurozone governments’ national debts into one Eurobond might solve the funding problems of struggling peripheral states. But there are two big objections to the idea. For the wealthy nations, giving up their own tightly priced debt issuance to fund through a vehicle shared with Italy and Spain might be too painful a sacrifice to bear.

  • 18 Nov 2011

And Eurobonds would also require a permanent pooling of sovereignty — probably with changes to national constitutions in many countries.

Such a change might be desirable at some point, but could be very difficult to negotiate at the speed needed to deal with a crisis. Indeed, hurrying into such ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 18,605.78 27 8.83%
2 HSBC 16,094.53 24 7.64%
3 Barclays 15,995.15 26 7.59%
4 BNP Paribas 15,919.65 22 7.55%
5 Goldman Sachs 14,733.99 25 6.99%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,463.63 126 11.61%
2 Citi 52,833.87 135 11.48%
3 HSBC 35,719.21 90 7.76%
4 Bank of America Merrill Lynch 34,298.88 106 7.45%
5 Deutsche Bank 31,212.00 75 6.78%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 70,233.36 178 7.62%
2 HSBC 68,403.43 243 7.42%
3 UniCredit 67,174.31 237 7.29%
4 JPMorgan 57,758.72 195 6.27%
5 Goldman Sachs 57,685.85 161 6.26%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 96,179.86 335 7.30%
2 JPMorgan 94,013.25 550 7.13%
3 HSBC 82,143.66 301 6.23%
4 Barclays 67,551.66 221 5.12%
5 Bank of America Merrill Lynch 66,801.88 220 5.07%