BNP Paribas

BoE, ADB, KK and AFD follow peers into dollar mart after week of healthy demand

Deal sets a pricing benchmark for SSA dollar green bonds in 2024

Second largest book on record for the issuer after a 10 year it priced in March 2021

Two other German SSAs bring deals on same day

Some market participants saw just 1bp of new issue premium in the deal

Borrowers benefit from scarcity value and lack of competing supply

Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW

◆ French bank double taps the dollar market to raise $4.75bn in senior and deeply subordinated debt ◆ BNPP attains its largest ever senior order book as demand reaches $15bn ◆ US insurance companies fund

◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1

◆ Big premium at starting level erased completely by pricing ◆ Dollar destination of choice for AT1 issuers ◆ Second example of new structure from BNP Paribas

Investor hunger for rare names and long tenors helped multilateral price tight

Dutch agency prints first 'true SSA deal' in Swiss market for some time, but further foreign public issuance unlikely