BNP Paribas

◆ Principality Building Society amasses £1.05bn order book ◆ 50bp was best-case target says banker on deal… ◆ …and investors welcomed new UK covered issuer

◆ Société Générale and BNP Paribas launch self-led deals ◆ Over €6.3bn of combined demand ◆ Spreads converge

◆ Boligkreditt lands deal at tightest spread in euros so far this year◆ Spread was at or very close to fair value ◆ Investors liked DNB’s ‘strong pool of high quality Norwegian assets’

◆ French credit institution landed double digits through OATs ◆ Record number of investors take part ◆ Spread fixed at 51bp over mid-swaps by 9.15am (GMT)

When the dollar market re-opens on January 5, bankers expect a stampede of Yankee banks

Corporate hybrid issuance up over 70% in 2025 as borrowers refi

French bank pre-funds with AT1 capital outing as US FIG annual supply tops $757m

France’s investment banking market recovered strongly in 2025 but that doesn’t mean domestic banks are happy. The market is super-competitive and US firms are winning many of the best mandates

◆ Insurer's €450m capital trade follows acquisition of Belgian subsidiary from BNP Paribas ◆ Books top €2.6bn ◆ BNP Paribas diversifies with dollar AT1

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Deutsche hits euro FIG market 'on fire' ◆ AT1 pays higher than peers ◆ BNP Paribas to follow in Australian dollars soon after UBS broke six year hiatus

Hires come as BNP Paribas climbs UK ECM league table