BNP Paribas
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◆ 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
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy
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◆ 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
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◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position
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◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?
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◆ Rare euro appearance from Norwegian agency ◆ Deal was 'one of the most successful' ◆ Differential to KfW gets tight
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◆ Large tightening in line with recent trades ◆ Prices flat or through fair value ◆ No French agency deals expected next week
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◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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Book for its newest deal was second in size only to a QE-era transaction
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◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
