BNP Paribas

◆ Difficult FIG execution was less pronounced in the senior market ◆ New type of offerings from BNP Paribas and Islandsbanki receive strongest reception ◆ AIB's mid range holdco lifts lower volume

◆ Priced off recent peer issue ◆ New levels found after swap spread moves ◆ Deal twice subscribed

Wendel received €750m of cash up front, about 86% of shares’ pre-trade value

Trade set to price at 5.4% discount as Wendel reduces stake

Influential banker helped shape European levfin market in 35 year career

◆ New 10 year priced without tightening ◆ NIP squashed by swap spread moves ◆ ‘High quality book’ nevertheless

◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields

BNP Paribas consolidated its status as the leading European corporate and investment bank in 2024, as it strives towards rivalling the US big five. The bank has four priorities for 2025

◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy

◆ 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

◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?