Sovereign risk manager of the year: Dutch State Treasury Agency

Erik Wilders

It is not an easy time to be a European debt issuer. In the last weeks of 2011, Germany saw bids at its November 23 auction fall 35% short of the maximum planned issuance, Standard & Poor’s warned that 15 eurozone countries – including AAA-rated France and Germany – could face a downgrade, Belgium’s rating was cut two notches, and Italy continued to struggle with painfully high yields, a successful auction of two-year notes on December 28 notwithstanding.

Of course, there is an exception to

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