In the early days of the coronavirus crisis, BNP Paribas stepped up in no uncertain terms to address the liquidity concerns of multinational corporate clients. While some large US banks seemed to pull back from Europe, the Paris-based firm deployed a remarkable amount of capital, underwriting financings with rare decisiveness; showing the benefits of its scale, the strength of its balance sheet and the advantages of a stable management team.
It is largely thanks to BNPP’s actions during the crisis that financial worries in the corporate sector have so far proven relatively short lived and limited to certain sectors. Even in aviation, the bank helped firms shore up their finances after aircraft were grounded, with a €2.5 billion bond for Groupe ADP, for example, a few days before leading Airbus’s €2.5 billion bond.
Its pivotal role is also evident outside France, in the UK and Germany. It has been on the front foot to a greater degree than other international lenders, and even some local banks in the US, since the start of the Covid-19 pandemic.