Bond Factsheet
BPCEGP 5.250% 16Apr2029 Corp (GBP)
BPCE SA
Indicative
Full Lot
Bid Price 98.102
Change in Bid Price 0.375
Bid Yield (%) 6.066 %
Change in Bid Yield 0.166
Ask Price 98.274
Change in Ask Price 0.359
Ask Yield (%) 5.990 %
Change in Ask Yield 0.158
Indicative price as of 02 Oct 2026, 4:33pm
Bond Issuer
BPCE SA
Guarantor
-
Announcement Date
08 Apr 2014
Issue Date
16 Apr 2014
Maturity Date
16 Apr 2029
Years to Maturity / Next Call
2.532 / -
Modified Duration
2.243 @ 02 Oct 2026
Issue / Reoffer Price
99.715
Issue / Reoffer Yield
5.278
Coupon Type
Fixed
Annual Coupon Rate
5.250
Coupon Frequency
Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
-
ISIN
FR0011855287
CUSIP
EK1705079
Bond Currency
GBP
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
GBP 100,000
Incremental Quantity (Nominal)
GBP 100,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
French Bail-In Tool and Other Resolution Measures
Among other things, the French banking law dated 26 July 2013 (Loi de séparation et de régulation des activités bancaires) charges the ACPR with implementing measures for the prevention and resolution of banking crises and gives the ACPR very broad powers with respect to “failing banks,” i.e., banks that, currently or in the near future (i) no longer comply with regulatory capital requirements, (ii) are not able to make payments that are, or will be imminently, due or (iii) require extraordinary public financial support.
In particular, the ACPR may implement a write-down of shareholders' equity and thereafter a write-down or conversion into equity of subordinated instruments (such as the Notes), but not unsubordinated debt, in accordance with their seniority. The ACPR will also be entitled to (i) transfer all or part of the bank's assets and activities, including to a bridge bank, (ii) force a bank to issue new equity, (iii) temporarily suspend payments to creditors and (iv) terminate executives or appoint a temporary administrator (administrateur provisoire). Conversion ratios and transfer prices are determined by the ACPR on the basis of a “fair and realistic” assessment.
The ACPR must use its powers “in a proportionate manner” to achieve the following objectives: (i) to preserve financial stability, (ii) to ensure the continuity of banking activities, services and transactions of financial institutions, the failure of which would have systemic implications for the French economy, (iii) to protect deposits and (iv) to avoid, or limit to the fullest extent possible, any public bail-out.
Further, recovery and resolution plans are required from credit institutions, or groups of credit institutions, whose balance sheet exceeds a certain threshold that will be fixed by a decree of the French Government. No separate obligation will arise with respect to an entity within the group that is already supervised on a consolidated basis. Each such bank or banking group must prepare a recovery plan (plan préventif de rétablissement) that will be reviewed by the ACPR. The ACPR is in turn required to prepare a resolution plan (plan préventif de résolution) for such bank or banking group.
Recovery plans must set out measures contemplated in case of a significant deterioration of a bank’s financial situation. Such plans must be updated on a yearly basis (or immediately following a significant change in a bank’s organization or business). The ACPR must assess the recovery plan to determine whether its resolution powers could in practice be effective, and, as necessary, can request changes in a bank’s organization. More generally, the ACPR will comment on the draft recovery plan and can require modifications.
Resolution plans must set out, in advance of any failure, how the various resolution powers set out above are to be implemented for each bank, given its specific circumstances.
Additional Note
Upon the occurrence of a Capital Event, the Issuer may, at its option (but subject to the provisions of Condition 6.6 (Conditions to redemption prior to Maturity Date)) at any time and having given not more than forty-five (45) nor less than thirty (30) calendar days’ notice to the Holders in accordance with Condition 13 (Notices) (which notice shall be irrevocable), redeem all (but not some only) of the outstanding Notes at their Redemption Amounts, together with accrued interest (if any) thereon.
“Capital Event” means that, by reason of a change in the criteria set out in the Applicable Banking Regulations for Tier 2 Capital which was not reasonably foreseeable by the Issuer at the Issue Date, the Notes cease to comply with such criteria and are fully excluded from the Tier 2 Capital of the Issuer, provided that such exclusion is not as a result of any applicable limits on the amount of Tier 2 Capital;
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