BNPP sticks to solid spread strategy, Dutch issuance rumoured

BNP Paribas tempted investors with a generous headline spread for its new long 10 year senior unsecured deal on Tuesday, offering a double digit concession to its secondary curve. Bankers said the market backdrop demanded that issuers adopt this strategy — secondary volumes are up, but levels are flat, and after three weeks of scarce supply, issuers need to woo buyers before trying to tighten pricing, they said.