Regulatory efforts to prevent a repeat of the global financial crisis are pushing banks in Europe to sell more long-term bonds. Meanwhile, other regulatory efforts are expected to prevent European insurers, the largest buyers of such debt, from purchasing the bonds. Basel III capital and liquidity rules are to take effect in 2019 and could conflict with the Solvency II rules, effective in 2013. "The two bits of regulation are at tension with each other," said Simon Hills of the British Bankers' Association.

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