Tempers flare as banks vie for EU bond glory

By Lewis McLellan
24 Sep 2020

The delayed launch of the European Commission’s vast funding programme has thrown bond bankers into a fever of anticipation. The immense prestige of a programme of such international importance, as well as the sizeable fees to be won, means they are under huge pressure to develop strong relationships with the EC and win mandates. Some are beginning to vent frustration.

Because the EU has issued relatively few bonds so far (only €22.2bn since 2013), many public sector debt capital markets bankers have not spent much time courting its funding team, preferring to lavish their time on borrowers with large funding programmes, according to a head of sovereign, supranational and ...

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