The California Public Employees' Retirement System (Calpers), the world's largest pension fund, has awarded borrowing rights to $17.8bn (€15.2bn) of passively managed international equities following its latest securities lending auction.

The auction was conducted on behalf of Calpers by eSecLending, the securities lending manager attracted winning bids from Abbey National Securities, Barclays Capital, BNP Paribas, Deutsche Bank, Lehman Brothers and SG Cowen Securities.