National champions reopen unguaranteed market
BNP Paribas reopened the unguaranteed senior debt market this week with a self-led five year fixed rate priced at 160bp over mid-swaps. The strong performance of the deal has blasted open the door for other issuers and Société Générale and Intesa SanPaolo are now both in the market with five year issues. The Italian deal gives a strong signal given that Italian banks have yet to issue with a government guarantee. To find out whether the senior unguaranteed market will end the year on a high note, read EuroWeek this week.
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