BNP Paribas
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French bank hands advisory chief extra duties -
◆ ADB, KBN, OeKB price bonds ◆ Spreads to Treasuries in the spotlight ◆ Big books for all
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◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability
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◆ Sovereign back again after 2024 return ◆ Record book for a conventional deal ◆ ‘Limited NIP' thanks to strong growth, rarity value
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◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book
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◆ EIB taps three year tenor with new EARN benchmark ◆ Eurofima grabs record book with green bond ◆ Busiest week for primary since US tariffs
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
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Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets
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◆ Textbook tightening ◆ Stable conditions open up market ◆ 60% of funding expected to come by June
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◆ BNPP 'gives the market what it wants' as it raises more with longer, lower ranking tranche ◆ Market receptive to big senior deals ◆ Third French deal in three days
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◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn
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◆ Level set at fair value, price not tightened ◆ French agency follows on in same maturity ◆ Books of under €1bn
