BNP Paribas goes long amid results blackout
BNP Paribas was the highest profile FIG borrower to take advantage of a sharply improved backdrop this week, bringing a 10 year benchmark with less spread than where it priced a seven year just two months ago. But with many issuers in blackout, syndicate bankers were frustrated that so few borrowers could be tempted into the strong conditions.
BNPPs transaction was one of just a smattering FIG deals in the euro market this week, alongside prints from BPCE and Co-operative Bank.
In contrast to the long periods of stifled FIG issuance seen in recent years, this week the quiet market was not down to poor conditions.
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