BNP Paribas
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French risk ‘the known unknown’ and will ‘get serious' come autumn -
Banker left US house and joined boutique in 2023
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Long time staffers handed expanded remit
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Overhaul means big promotion for Osty and a new structure for the CIB
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Investors are thirsty for yield and willing to sacrifice spread
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Firm’s tailored package for UK nuclear project is new milestone in private credit’s advance into investment grade lending
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◆ Investors show keenness for higher yielding bonds as macro trumps geopolitics ◆ BNP Paribas and Nomura eye dollar AT1s ◆ Commerz adds tier two capital in euros
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◆ Investors scooping tier two debt across markets ◆ BNP Paribas takes advantage with third print of the year ◆ Rare German insurer Gothaer increases funding
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Bank intends to issue more hybrid capital but ‘more MDBs need to print’ for new asset class to grow further
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◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer
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◆ LatAm development bank adds to funding toolkit ◆ Patience is virtue as issuer waits out tariff storm ◆ Book ended up 6.4 times covered
