BEST SUPRANATIONAL BORROWER: EIB
Some dreamers have a distant vision of the European Investment Bank (EIB) as the main issuing vehicle of a federal European government. It would be like the US treasury, holding auctions at yields well below the rest of the market.
Although that vision isn’t quite what the treaties of Rome or Maastricht had in mind, the EIB’s role will change dramatically from next year. Some 85% of its debt will then be in one currency, the euro.
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