BNP Paribas

French bank pre-funds with AT1 capital outing as US FIG annual supply tops $757m

France’s investment banking market recovered strongly in 2025 but that doesn’t mean domestic banks are happy. The market is super-competitive and US firms are winning many of the best mandates

◆ Insurer's €450m capital trade follows acquisition of Belgian subsidiary from BNP Paribas ◆ Books top €2.6bn ◆ BNP Paribas diversifies with dollar AT1

◆ More foreign capital deals in Australian dollars are 'definitely' expected next year ◆ Offshore issuance to institutional investors preferred ◆ BNPP make substantial savings versus US dollar levels

◆ Deutsche hits euro FIG market 'on fire' ◆ AT1 pays higher than peers ◆ BNP Paribas to follow in Australian dollars soon after UBS broke six year hiatus

Hires come as BNP Paribas climbs UK ECM league table

Barclays has poached the co-head of BNP Paribas’s team

Banker to leave after eight years with firm

◆ French bank's insurance arm is a very rare issuer in the open market ◆ New RT1 is a public deal but done as a 'restricted placement' ◆ Refinances a call on €1bn tier one from 11 years ago

Corporate and SSA bankers depart French shop

Sovereign achieved ‘significant milestone’ but market participants hope to see more

◆ Sole management enables quick sale ◆ Debate on fair value but some concession left ◆ Big green bond comes between two SNP redemptions