BNP Paribas

◆ 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

Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells

◆ 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