The European Union has given the go-ahead for eight banks previously banned from participating in the COVID-19 recovery fund to join future issuances.
- The EU Commission said the eight banks were able to justify their participation in syndicated transactions in the EU bond issuance. It earlier asked lenders for steps taken by the lenders to address antitrust issues.
- The banks were identified as Bank of America, Barclays, Citigroup, Credit Agricole, Deutsche Bank, JPMorgan, Nomura, and UniCredit. The lenders were included in a request for proposals needed for the next syndication.
- A review on two other banks previously banned — identified as Natixis and NatWest — is still in process. Officials have yet to comment on the matter.
- The EU raised 20 billion on Tuesday from the first tranche of its bond sale. The EU Commission has already issued a quarter of its planned 80-billion-euro long-term bond issuance this year.
The EU recovery fund is pegged to reach up to 800 billion euros or $950.7 billion.
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