BNP Cardif and KBC taste tier two success, but NIPs could rise

Syndicate bankers warned on Tuesday that a bulging tier two pipeline means issuers will need to be pragmatic on the premium they are willing to offer investors. While BNP Paribas Cardiff and Belgium’s KBC were able to sell solid prints on Tuesday, the amount of supply expected in the asset class could give investors a strong bargaining position in the coming weeks.