BNPP, BBVA look long in dollars with AT1 market ‘on fire’
BNP Paribas set a 10 year call period on a new $750m additional tier one (AT1) trade on Tuesday, as the French bank looked to lock down an attractive cost of capital for as long as it could following an impressive month of performance for the asset class. Spain's BBVA quickly looked to follow suit.
“It is quite timely,” said an investor looking at the French bank’s new deal. “There has not been a lot of issuance from national champion banks in the last couple of months, so there will be good demand that’s for sure."
European banks did not sell AT1 paper
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