BNP Paribas

There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday

◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days

◆ Dutch lender breaks Nykredit's s all-time low reset spread before the Iran war ◆ AT1 is 'rare gem' amid Rabo's capital reduction ◆ Significant market improvement sees BNPP stretching to dollar NC10 AT1

◆ One of four covereds issued on Thursday ◆ CMHL issued the last three French covered bonds ◆ Euro benchmark deal fixed at €1.25bn

Senior banker will move to Abu Dhabi to take up position

Short senior FRNs emerge as Nordic banks go local

First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker

‘New kid on the block’ disrupts established order with lead role on Schroders takeover

◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps

◆ Order book smaller than issuer’s last covered in January ◆ Banker said covered bond market has reached plateau ◆

Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital

◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener