BNPP sets AT1 record as Asia piles into dollars

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By David Freitas
20 Feb 2020

BNP Paribas this week set a new record low for an additional tier one (AT1) coupon issued from a European bank in the dollar market, raising $1.75bn amid heady demand for the product. Iceland’s Arion Bank was also in the market, chipping in with a $100m deal ahead of beneficial domestic tax changes.

The French lender started early on Tuesday, opening books in Asia for a the dollar-denominated perpetual non-call 10 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, six of which are in dollars. Its ...

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