BNP Paribas
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The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it -
Borrowers have been busy already this year so the pressure to issue is off
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◆ Follows RT1 from Crédit Agricole ◆ Still ample demand for insurance capital, rival banker says ◆ Cardif's third capital trade since November
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◆ Belgian bank fixed the deal size at €750m ◆ Issuer's first covered since January 2025 ◆ Third Belgian covered in just over a week
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◆ Order book peaked at close to €2bn ◆ Issuer announced plan to launch ESN in May ◆ Analysts predict mixed fortunes for instrument in the immediate future
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◆ Belgian issuer places euro benchmark deal at €500m ◆ One of three covered bonds issued on Wednesday ◆ 'Numbers tell their own story' says banker
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◆ Pricing competitive to euros ◆ Deal the largest from a European corporate in 12 years ◆ Diversification drive fuels bumper Swiss franc year
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Issuance will be lower in June as yields rise
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◆ OTP prices 10th Eastern European covered this year ◆ Order book was twice the deal's size ◆ Tuesday's only benchmark deal
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◆ Issuer’s first covered since September ◆ Aussie bank tapped seniors last week◆ CBA’s was only covered benchmark on Thursday
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◆ Market 'working brilliantly' across asset classes ◆ BNP Paribas Cardif's first tier two in 11 years ◆ Investors 'less keen' on UK credit
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◆ French issuer’s first green covered bond since April 2025 ◆ Order book closed at €2.4bn ◆ Issuer said green label helped 'differentiate' the bonds
