BNP Paribas locks in SNP funding at near term tights

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By Frank Jackman
12 Jan 2021

BNP Paribas looked to satisfy minimum requirements for own funds and eligible liabilities (MREL) with a senior non-preferred deal on Tuesday, becoming the latest bank to lock in funding as spread levels hit term tights.

“We’re not seeing much else amid all these lower beta MREL and TLAC type trades,” said one banker.

He said that issuers were looking to bolster their MREL figures as funding levels approach near term tights, though they have still yet to return to the lows they reached ...

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