BNP Paribas, one of the founding shareholders of the iBoxx credit index consortium, is to become a full price contributor to iBoxx's sterling index.

The move follows the French bank's strong growth as an underwriter in the sterling credit markets. Last year BNP Paribas lead-managed sterling deals for issuers including Anglo Irish Bank; BAT International Finance, the financing arm of British American Tobacco; London Power Networks, an offshoot of the former London Electricity; France Télécom; and GUS, the retail group.