BNP Paribas
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French issuer prints largest bond after unprecedented demand -
Strong demand allows grid operator to tighten price and land inside fair value
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Cracking M&A and North America are central to BNPP’s ambition. Can big investment and a new structure do the trick?
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Two syndications have landed the sovereign €16bn with just one more trade left to do
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Bank of England, KommuneKredit and Agence Française de Développement also price deals
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BoE, ADB, KK and AFD follow peers into dollar mart after week of healthy demand
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Deal sets a pricing benchmark for SSA dollar green bonds in 2024
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Second largest book on record for the issuer after a 10 year it priced in March 2021
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Two other German SSAs bring deals on same day
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Some market participants saw just 1bp of new issue premium in the deal
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Borrowers benefit from scarcity value and lack of competing supply
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
