BNPP and RBS dive into ‘hot’ FRN mart
Strong demand for floating rate paper helped BNP Paribas take home a longer dated than usual non-preferred note this week, while Royal Bank of Scotland’s rare operating company FRN had a similarly warm welcome.
The volume of FRN issuance has risen dramatically in 2017 as investors look to interest rates rising in Europe.Banks have priced more than 20 deals in the format already this year, raising a combined total of close to €25bn — according to GlobalCapital’s priced deals database. Financial ...
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