The EU has excluded 10 of the heaviest-hitting banks in the debt market from running lucrative bond sales as part of its €800bn recovery fund, over historic breaches of antitrust rules.
Brussels’ biggest ever borrowing spree kicks off on Tuesday with the sale of a new 10-year bond to fund the NextGenerationEU programme under a so-called syndication, where a group of banks is paid to drum up demand from investors.
But 10, including big players such as JPMorgan, Citigroup, Bank of America and Barclays, have been told they cannot take part in these deals due to previous involvement in market-rigging scandals, according to people familiar with the matter.
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