The EU is freezing 10 banks from selling bonds for violating antitrust laws

The EU has ruled out selling the 10 billion-strong banks most heavily hit by debt in its debt-relief fund as part of its 800 billion-euro recovery fund, citing historic breaches of antitrust rules.

Brussels When is the biggest loan? Launched on Tuesday, the sale of new 10-year bonds to finance the NextGenerationEU program under the so-called trade union, where a group of banks are paid to drum up demand from investors.

But 10, including major players such as JPMorgan, Citigroup, Bank of America and Barclays, said they could not participate in the deal because of their previous involvement in market fraud scandals. People familiar with it.

It turned out that the banks that violated the EU competition rules “will not be invited to the competition for individual syndicated transactions,” said the spokesman of the European Commission, which deals with the issuance of debt on behalf of the EU. “The Commission is taking a strict approach to ensure that the entities with which it cooperates are a party to the EU.”

The banks found guilty of violating antitrust laws must prove that they have taken “remedial measures” to prevent their recurrence before they are allowed to apply to the unions, the spokesman added.

Bank of America, Natixis, Nomura, NatWest և UniCredit prevented from participating in the antitrust commission ruling last month that they participated in the bond trading cartel a decade ago during the eurozone debt crisis.

Citigroup, JPMorgan and Barclays, in addition to NatWest, were also barred from concluding that they had participated. manipulate currency markets From 2007 to 2013, people familiar with the subject said. Deutsche Bank և Crédit Agricole are also excluded due to the April decision that they were involved in a trade cartels of different bondssaid the people. All banks declined to comment.

The decline includes seven of the 10 largest European government վաճառ transnational debt banks sold so far this year, according to Dealogic.

The 10 banks banned from trade unions are on the list of 39 so-called “main dealers”. Banks responsible for buying bonds during regular debt auctions, which the EU will launch in September. However, this responsibility can sometimes be costly, so investment banks usually view union payments as a sweetener for primary dealer status.

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“There is a delicate balance between the issuers, the ‘major dealers’, it’s in danger of upsetting it,” said one senior banker, who was barred from making syndicated deals. “These issues that they raise have been around for a long time, they have been resolved.”

The banks working on Tuesday’s recovery fund bonds were BNP Paribas, DZ Bank, HSBC, Intesa Sanpaolo, Morgan Stanley, Danske Bank և Santander. Investors have placed orders of more than 140 billion euros for a debt of 20 billion euros, according to the Commission.

The rehabilitation fund, agreed by EU member states last year, is set to make Brussels one of the largest borrowers in the region.

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