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Ban Lifted From World Major Banks, Previously Excluded from $950B Bond Sale

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Ban Lifted From World Major Banks, Previously Excluded from $950B Bond Sale

The EU has lifted the ban on 8 of 10 banks previously left out from organized debt sale in support of 800-billion-euro ($950.7 billion) covid-19 recovery fund.

Source: Reuters

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The EU did not give names of reinstated banks but a source from the commission mentioned JPMorgan, Citigroup, Barclays, Deutsche Bank among others.

Assessments by the body executive are still on for two more banks excluded in the bond sale.

The first sale of the bonds by the EU raised 20 billion euros in support of the recovery aimed at making the body a top European debt provider.

The ban on the 10 grand dealers emanated from past violation of antitrust rules and the EU wanted to ascertain mitigation action before allowing the banks to participate.

80 billion euros of long-term bond issuance set for 2021 has been completed with 2 more targeted for the end of July.

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