BNP Paribas
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◆ 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
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◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?
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◆ Rare euro appearance from Norwegian agency ◆ Deal was 'one of the most successful' ◆ Differential to KfW gets tight
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◆ Large tightening in line with recent trades ◆ Prices flat or through fair value ◆ No French agency deals expected next week
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◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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Book for its newest deal was second in size only to a QE-era transaction
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◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two
