BNPP moves in for lowest ever dollar AT1 coupon

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By David Freitas
18 Feb 2020

BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.

The French lender started early on Tuesday to offer Asian investors the chance to put money into the dollar-denominated perpetual non-call 10 year AT1.

Acting as sole bookrunner, BNP Paribas started the trade circulating initial price thoughts of 5.125%.

The French lender has eight outstanding AT1 bonds, ...

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