02.06.2018: ЕВРООБЛИГАЦИИ

Клиенты из разных стран мира часто обращаются в СВИСС БАНК ПЛС с просьбой изложить свое отношение к так называемым еврооблигациям. This could be an interesting asset class for the conservative capital investor. People who earlier placed government bonds of individual countries in their depot have purchased a risk mix consisting of various securities. Government bonds where the country issuing them has a high credit standing offer relatively low levels of interest, bonds with a low credit standing offer higher levels of interest. A Eurobond would mix the credit standings of all the EU countries and offer an average low return. As stated this is a very conservative option which is suitable for capital collecting pools which are purpose-oriented and may not produce any losses, but are also an option for very cautious investors. The shareholders of the SUISSE BANK PLC have a rather different outlook, at this point in time we must also say that SUISSE BANK PLC views the use of EUROBONDS in a rather critical light from a macroeconomic point of view.

Eurobonds are bonds which should be jointly issued by all the Euro states. The advocates would like to have a situation in which the marginal Euro states have the option of purchasing cheaper rates of loan interest and this is shouldered by the credit rating of all the Euro states. If we take notice of the fact that a lot of the fringe states have to offer double-digit levels of interest for their government bonds to find any purchasers it is no surprise that animated discussions are taking place (and threats are even being made by the politicians).

SUISSE BANK PLC feels the problem is the fact that the countries that have been strong up to now are additionally burdened with higher financing costs, weaker countries can “comfortably” sit back and can have the necessary incentives urgently required to rectify the problem softened.


SUISSE BANK PLC juxtaposes the advantages and disadvantages of Eurobonds:

  • Advantages

Countries at risk of going bust have had to face the power of the financial markets on their own up to now: With the aid of Eurobonds they can once again obtain loans at moderate terms and conditions – and this is because the robust states are on board for each individual bond and this reduces the average risk.

  • Disadvantages

Joint liability for debts would probably make an active reduction of debt and saving even more unattractive for the weak Euro countries. The stronger countries would thus at least assume a proportion of the losses of the weak countries, but they would not have an option of controlling the actions, as can be negotiated when assistance is provided to individual countries.

SUISSE BANK PLC estimates that this could mean interest increases of around 2.5 percentage points for strong countries such as Germany, and thus a volume of around € 50 billion per year which they would be faced with as an additional burden. Thus if the countries opt for this route to heal the European Economic Area this can only be performed subject to certain requirements and conditions for the countries in favour of it to ensure the desired effect can be achieved in the first place.