Banks Risk Losing ‘Cash Cow’ on $1 Trillion EU Bond Sale Ban
- EU blocked 10 lenders from 20-billion euro bond sale Tuesday
- Bank of America, Barclays, Citi among the firms affected
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For 10 of the world’s biggest banks, past transgressions in the European Union look set to cost them millions of dollars in fees.
Firms including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Barclays Plc have been frozen out of syndicating bond sales for the European Commission’s roughly 800 billion-euro ($970 billion) NextGenerationEU program, which is expected to issue 80 billion euros of debt this year. The banks have been temporarily barred from the lucrative trades as the bloc assesses whether they’ve done enough to fix previous breaches of antitrust rules.