Big accounts ‘made mistake’ on BNP Paribas regional bond
BNP Paribas achieved its goal of distributing its latest senior unsecured bond among lower tier accounts on Tuesday. The regional structure of the deal scared off many of Europe’s bigger buyers, but the €650m deal was trading inside reoffer on Wednesday.
The French bank collected 725m of orders from 120 accounts on Tuesday at an average ticket size of just 6m, reflecting the regional approach taken. The 5.5 year deal was price in line with guidance at 60bp over mid-swaps.
The terminology of the regional bond scared off some
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