FIG pair pay up for sterling seniors

By Frank Jackman
18 Mar 2021

BPCE and HSBC paid a small concession to access the sterling senior market this week, but both were happy to do so. The French firm targeted diversification, while HSBC went for size.

BPCE opened books on a short five year senior preferred sterling benchmark through Barclays, HSBC, NatixisNatWest Markets and RBC Capital Markets on Monday.

“BPCE needed to diversify its investor base, and sterling offered the chance to play with some arbitrage versus euros,” a banker said.

The French firm, rated A1/A+/A+, kicked ...

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