BNPP dodges China with US focused trade

BNPP Harewood Ave 230x150
By Virginia Furness
13 Aug 2015

BNP Paribas played it safe on Wednesday, printing its $1.5bn AT1 in US hours to avoid any potential fall-out from the China related sell-off.

China's second currency devaluation in two days caused a sharp sell-off in equities and bonds on Wednesday, meaning that conditions looked less than ideal for BNP Paribas’ deal.

The trade, which had been announced on Monday was widely expected on Wednesday after Tuesday’s investor calls.

But ...

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