Why the EU has stopped worrying about English law bonds

Tyler Davies

August 14, 2020 12:00 PM

No_deal_No_problem_Brexit_PA_575x375_140820 — A pro-Brexit activist carries a 'No Deal? No Problem!' placard outside the Houses of Parliament on the day of the prorogation of the parliamentary session, which will see parliamentary activities suspended until mid-October, in London, England, on September 9, 2019. Prime Minister Boris Johnson's decision to prorogue parliament, with only a week gone by since lawmakers' return from summer recess, has sparked widespread condemnation and a campaign of 'Stop The Coup' protests across the country, with the prime minister accused of seeking to shut MPs out of the Brexit process. Working quickly, MPs last week seized control of the parliamentary timetable and passed a bill requiring the government to seek a further Brexit extension from the EU, from October 31 to January 31, if no withdrawal agreement has been passed, or a 'no-deal' exit approved, by October 19. Senior government figures have hinted that the Johnson administration may even be prepared to break the law to avoid implementing the legislation, which they claim undermines Britain's negotiating position with the EU, accelerating Britain's sense of a developing constitutional crisis. (Photo by David Cliff/NurPhoto) | David Cliff/NurPhoto/PA Images

Banks in the EU have spent the last four years changing the terms and conditions of new issues to create a sense of certainty over how English law bonds will be treated after Brexit.

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Topics

Regulation Nomura Bank Capital FIG People and Markets UK Europe Regulatory Capital EMEA FIG People and Markets

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Tyler Davies