BNPP floater set to beat last week’s FRNs
BNP Paribas is expected to issue a 2-1/2 year euro benchmark-sized FRN later on Monday, following the trend seen over the last few weeks of banks issuing floaters to take advantage of demand for the paper.
BNP Paribas has set guidance on the self-led deal at between 28bp over three month Euribor and 30bp over.
Banco Bilbao Vizcaya Argentinaria (BBVA) and Société Générale issued two year FRNs last week, for Eu1bn and Eu1.5bn respectively, which were priced at 30bp over mid-swaps.
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