Banks

◆ Another offshore borrower set to print in euro 6NC5 format ◆ Issuers favour October 2029 Gilt ◆ Investors 'quite ambivalent' about choice of Gilt

BNP Paribas consolidated its status as the leading European corporate and investment bank in 2024, as it strives towards rivalling the US big five. The bank has four priorities for 2025

◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread

◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy

◆ Praise from bankers away from transaction ◆ Deal launched into market 'that wants to buy AT1s' ◆ Post-CPI spike in US Treasury yields not viewed as game changer

◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals

◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating

◆ Skinny new issue premium ◆ Deal 10 times covered ◆ Pricing with EU not a challenge

◆ French bank offers premium to investors to attain size target ◆ Deal is the tightest and longest French euro tier two in 2025 ◆ Rare Ibercaja also goes longer than the norm

◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position