BNP Paribas
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Muted SSA market welcomes European pair -
◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers
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◆ BNPP serves up dollar AT1 reopener ◆ HSBC lands dual tranche senior inside euros ◆ Borrowers expected to prioritise dollars over euros
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◆ Investors flock to first dollar AT1 for five months ◆ Positive response to new equity conversion structure ◆ More supply to come but no 'deluge'
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Czech billionaire Daniel Kretinsky is in talks to buy Atos’s legacy operations
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Cellnex is feeling the heat from rising interest rates with its €20.7bn pile of debt
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◆ Regulator starts collecting data on hedging and accounting of capital instruments ◆ Is AT1 debt or equity? ◆ BNP Paribas’s reclassification of future dollar AT1 provides an example
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Issuer prices flat to fair value after building record book while keeping investors onside
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Issuer attracts over $11bn in demand after last issuing a similar deal in 2018
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Issuer has already been active in the currenty earlier in the year
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Issuer becomes only one of a handful of SSAs to print a decade dollar deal in 2023
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Supra prices flat to fair value to 'establish standard' as reduced funding drives €73bn demand
