BPCE prices tight in non-preferred

tight pricing
By Bill Thornhill
26 Mar 2019

Despite some concerns over the shaky credit backdrop that surfaced last week, BPCE attracted a comfortably oversubscribed order book for its tightly priced €1bn six year senior non-preferred on Tuesday.

The €1bn six year transaction, which syndicated via sole bookrunner Natixis, attracted demand of €2.2bn and was priced at 89bp with a new issue premium of about 3bp.

Initial guidance was set at “high 100bp area” or 106bp-109bp according to a banker at Natixis. 

BPCE’s outstanding January ...

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