BNP Paribas follows ING with two year FRN
BNP Paribas added to the week’s rush of short dated floating rate notes on Friday, selling a €1.5bn two year deal at 43bp over three month Euribor. Low rates are attracting issuers to the short end of the curve, and more deals could come as borrowers replace LTRO funding, bankers said.
The French bank built a 2.7bn book for the self-led deal. It announced initial pricing thoughts of 45bp-50bp over three month Euribor, tightening that to 43bp-45bp after opening books.
The final level was close to where INGs two year, which was
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