Investors crowd into BNPP’s first senior non-preferred floater

BNP Paribas 230
By Bill Thornhill
15 Mar 2017

BNP Paribas issued the first French senior non-preferred deal in floating rate format on Wednesday and enjoyed a strong reception in a move that could well spur compatriot banks to follow. Callable French senior non-preferred deals are, however, still some way off, said bankers.

After UBS enjoyed a great reception on Monday for its €1.75bn floating rate senior non-preferred or tier three, BNP Paribas opened books on Wednesday for the first French floating rate tier three deal.

After setting initial price thoughts at 100bp over three month Euribor for the Baa2/A-/A rated ...

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