The EU has banned bond deals after making an “honorary declaration” to banks

Previously eight banks participation prohibited The EU’s € 800 billion recovery fund bond sales have been cleared to manage future transactions after promising “integrity” and providing evidence of “corrective action” for breaches of antitrust rules.

The EU launched its biggest loan scam ever this week, selling 20 billion euros worth of bonds, but 10 banks have been frozen for working on the deal because they have previously been involved in market entry scandals. Eight of these loans are free to manage future program bond syndications, the European Commission said.

The banks are Deutsche Bank, Crédit Agricole, JPMorgan, Citigroup, Barclays, UniCredit, Bank of America and Nomura, according to a person familiar with the matter. NatWest and Natixis will continue to be excluded for the time being because they have not yet provided relevant information to the EU, the person said. Both banks refused.

“Eight banks have provided information to the Commission to conclude that they do not guarantee participation in union transactions in EU bond issues,” the commission said in a statement, adding that the decision “should take into account the corrective measures applied by interested parties.”

Banks said the “repair measures” demonstrated how banks conduct police in traders’ chat rooms, as well as a document called “recognition of honor” that adhered to various EU standards.

Banks outside European Union agreements risked losing a new source of interest rates in European bond markets, as the recovery fund makes Brussels one of the largest loans in the region. The commission paid 20 million euros in Tuesday’s initial transaction.

Bank of America, Natixis, Nomura, NatWest and UniCredit banned them from participating in EU syndicates when they decided to take part in a bond trading cartel in the eurozone debt crisis a decade ago when it decided to monopolize the commission last month.

Citigroup, JPMorgan and Barclays, in addition to NatWest, were banned after they were found to have been involved in manipulating foreign exchange markets between 2007 and 2013. Deutsche Bank and Crédit Agricole were also dismissed due to a decision in April. a different bond trading poster.