BNP Paribas

Benchmark funds will pile into core names but January order of business could change as spreads widen

European investment banks are playing catch-up, even on home turf. Which of them are best placed to challenge the US leaders?

French banks' 'intrinsic creditworthiness' not hurt by Moody's downgrades ◆ Some analysts eye relative value plays

Subordinated debt needed to support growth of public sector lender

French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins

◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies

◆ Tap was four times covered ◆ No premium required ◆ Spread to mid-swaps attracts

◆ BNPP follows Barclays' lead with A$1bn tier two ◆ Aussie dollar investors 'positioning' into higher yielding debt before rate cuts ◆ Barclays also raises AT1 capital in the region

◆ HSBC's Orion platform used alongside Banque de France’s DL3S solution ◆ No digital premium ◆ Eurosystem's second wave of exploratory work

HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments

The bank has issued four digital bonds since 2021

◆ Issuers add tier two debt amid lower relative cost to senior layer ◆ Danske Bank prints in euros at no premium as Nordea said to have garnered largest size locally ◆ BNPP, HSBC and Westpac target dollar market