Article: The EU clears banks that ban bond transactions after the “declaration of honor”

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The EU clears banks that ban bond transactions after the “declaration of honor”

Agnes Zang , 18 June 2021

The previous eight banks Banned After promising “integrity” and providing evidence of “remedial measures” after historical violations of antitrust rules, the bond sales of the EU’s 800 billion euro recovery fund have been approved to process future transactions.

Earlier this week, the European Union launched the largest lending boom in its history, issuing 20 billion euros of bonds, but due to previous scandals involving market manipulation, 10 banks were unable to participate in the transaction. The European Commission stated that eight of the lenders are now free to deal with future bond syndicates under the plan.

According to people familiar with the matter, these banks are Deutsche Bank, Credit Agricole, JPMorgan Chase, Citigroup, Barclays Bank, UniCredit, Bank of America and Nomura Securities. The person said that NatWest and Natixis will continue to be excluded for the time being because they have not yet provided relevant information to the EU. Both banks declined to comment.

The European Commission said in a statement: “The information provided by these eight banks enables the Commission to conclude that it is unnecessary for them to be further excluded from participating in syndicated transactions for EU bond issuance,” adding that the decision It is in “a comprehensive analysis taking into account the remedial measures taken by the relevant agencies.”

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