BNP Paribas
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◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book -
◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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◆ Investors not chasing last few basis points ◆ Minimal premium paid ◆ Caution on sterling paper
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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◆ Diverging views on new issue concession ◆ Huge books for each tranche ◆ Issuer takes a big bite out of 2025 funding need
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◆ First out of three Belgian euro syndications proved a hit ◆ Usual 2bp premium paid ◆ Italy to follow with potential €20bn deal
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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Benchmark funds will pile into core names but January order of business could change as spreads widen
