BNP Paribas
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers -
◆ Investors not chasing last few basis points ◆ Minimal premium paid ◆ Caution on sterling paper
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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◆ Diverging views on new issue concession ◆ Huge books for each tranche ◆ Issuer takes a big bite out of 2025 funding need
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◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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Benchmark funds will pile into core names but January order of business could change as spreads widen
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European investment banks are playing catch-up, even on home turf. Which of them are best placed to challenge the US leaders?
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French banks' 'intrinsic creditworthiness' not hurt by Moody's downgrades ◆ Some analysts eye relative value plays
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Subordinated debt needed to support growth of public sector lender
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French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins
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◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies
