Eight banks previously excluded from syndicated debt sales backing the European Commission’s up to 800-billion-euro ($950.7 billion) COVID-19 recovery fund will be allowed to take part in future issues, the EU executive said on Friday.
The EU did not name the banks reinstated but a Commision source said Nomura, UniCredit, Credit Agricole, JPMorgan, Citigroup, Barclays , Bank of America and Deutsche Bank can take part in the next syndicated debt sale. The source said the reinstated banks were included in a request for proposals issued on Friday, a precursor to the next bond syndication for the recovery fund.
The EU executive is still assessing the other two banks banned from the bond sale. Those banks, Natixis and NatWest declined to comment.
The European Union on Tuesday raised 20 billion euros with the first sale of bonds backing its recovery fund which is set to turn it into a leading European debt issuer.
But 10 of the bloc’s biggest primary dealers were banned from working on the deal.
The exclusion related to past breaches of antitrust rules, with the EU saying it wanted to see evidence they had taken remedial action before allowing them to take part.
“The eight banks have provided information that allow the Commission to conclude that their further exclusion from participation in syndicated transactions in EU bond issuance is not warranted,” the Commission said in an email.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Biden Administration Supports Antitrust Suit Against FIFA
Mar 18, 2024 by
CPI
Apple in Talks to Incorporate Google’s Gemini AI Amid Antitrust Scrutiny
Mar 18, 2024 by
CPI
Appeals Court Revives Regeneron’s Antitrust Lawsuit Against Novartis Over Vision Treatment
Mar 18, 2024 by
CPI
Apple Responds to Criticism Over EU’s Digital Markets Act Compliance
Mar 18, 2024 by
CPI
Turkey Imposes Interim Measures on Meta Platforms
Mar 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pricing Algorithms
Feb 28, 2024 by
CPI
Pricing Algorithms and Antitrust Enforcement: Sandboxes to the Rescue?
Feb 28, 2024 by
CPI
AI, Algorithmic Pricing, and Collusion
Feb 28, 2024 by
CPI
Competition & Collusion in a World of Algorithmic Pricing: Antitrust Risks & Enforcement Trends
Feb 28, 2024 by
CPI
Pricing Algorithms in Antitrust’s Sights?
Feb 28, 2024 by
CPI