Bond Factsheet
BNP 5.250% 12Jul2032 Corp (SGD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 101.650
Change in Bid Price 0.008
Bid Yield (%) 3.051 %
Change in Bid Yield 0.012
Ask Price 102.017
Change in Ask Price 0.008
Ask Yield (%) 2.572 %
Change in Ask Yield 0.018
Indicative price as of 01 Oct 2026, 3:50pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
BNP Paribas SA
Guarantor
-
Announcement Date
04 Jul 2022
Issue Date
12 Jul 2022
Maturity Date
12 Jul 2032
Years to Maturity / Next Call
5.782 / 0.776
Modified Duration
4.893 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.250
Coupon Type
Variable
Annual Coupon Rate
5.250
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 12 Jul 2027
Reset Rate: 5-year SORA OIS + Initial Margin (2.683%)
ISIN
FR001400BLE6
CUSIP
BX5935685
Bond Currency
SGD
Total Issue Size
300,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ A-
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Optional Redemption of Subordinated Notes upon the occurrence of a Capital Event:
Upon the occurrence of Capital Event (as defined below), the Issuer may (at its option but subject to paragraph (m) (Conditions to redemption of Subordinated Notes prior to Maturity Date) below) at any time subject to having given no less than thirty (30) nor more than forty five (45) calendar days' notice to the Noteholders in accordance with Condition 11 (Notices) (which notice shall be irrevocable), redeem the Subordinated Notes in whole, but not in part, at their Early Redemption Amount, together with all interest accrued to the date fixed for redemption.
"Capital Event" means the determination by the Issuer, that as a result of a change in the Relevant Rules becoming effective on or after the Issue Date of the first Tranche of the relevant Series of Subordinated Notes, which change was not reasonably foreseeable by the Issuer as at the Issue Date of the first Tranche of the relevant Series of Subordinated Notes, it is likely that all or part of the aggregate outstanding nominal amount of the Subordinated Notes will be excluded from the own funds of the Group or reclassified as a lower quality form of own funds of the Group.
Statutory write-down or conversion:
Contractual recognition of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority
For these purposes, the "Bail-in or Loss Absorption Power" is:
(i) any power existing from time to time under any laws, regulations, rules or requirements in effect in France, relating to the transposition of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (as amended from time to time, the "BRRD"), including without limitation pursuant to French decree-law No. 2015-1024 dated 20 August 2015 (Ordonnance portant diverses dispositions d'adaptation de la législation au droit de l'Union européenne en matière financière) (as amended from time to time) ratified by the Law n°2016-1691 of 9 December 2016 relating to transparency, the fight against corruption and the modernisation of economic life (Loi no. 2016-1691 du 9 décembre 2016 relative à la transparence, à la lutte contre la corruption et à la modernisation de la vie économique) (as amended from time to time, this ordinance was ratified by the Law n°2016-1691);
(ii) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (as amended from time to time, the "Single Resolution Mechanism Regulation"); or
(iii) otherwise arising under French law, and in each case the instructions, rules and standards created thereunder, pursuant to which the obligations of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced (in part or in whole), cancelled, suspended, transferred, varied or otherwise modified in any way, or securities of a Regulated Entity (or an affiliate of such Regulated Entity) can be converted into shares, other securities, or other obligations of such Regulated Entity or any other person, whether in connection with the implementation of a bail-in tool following placement in resolution or otherwise.
Issuer Call
(i) not less than the minimum notice period nor more than the maximum notice period specified in the applicable Final Terms (the "Notice Period") notice to the Noteholders in accordance with Condition 11 (which notices shall be irrevocable and shall specify the date fixed for redemption), redeem all or some only of the Notes then outstanding at the Optional Redemption Amount on any Optional Redemption Date) specified in, the applicable Final Terms together, if applicable, with interest accrued to (but excluding) the relevant Optional Redemption Date.
In the case of Subordinated Notes, no redemption at the option of the Issuer will be permitted prior to five years from the date of issue thereof, except as described in Condition 5(m).
Optional Redemption Date(s): The Interest Payment Date falling on or about 12 July 2027
Optional Redemption Amount(s): Calculation Amount x 100 per cent.
Additional Note
According to Articles 77 and 78 of the CRR, the Subordinated Notes may only be redeemed or purchased (as applicable) pursuant to paragraph (b)(i) (Redemption for Taxation Reasons-Withholding Tax Event), paragraph (b)(ii) (Redemption for Taxation Reasons-Gross-up Event), paragraph (c) (Redemption at the Option of the Issuer (Issuer Call)), paragraph (e) (Optional Redemption of Subordinated Notes upon the occurrence of a Capital Event), paragraph (f) (Optional Redemption of Subordinated Notes upon the occurrence of a Tax Deduction Event) or paragraph (h) (Purchases) (subject to the provisions set out in the second paragraph of the section relating to Subordinated Notes of paragraph (h)), as the case may be, if (to the extent required by any applicable law, rule or regulation) the Relevant Regulator has given its prior permission, as required by the Relevant Rules, to such redemption or purchase (as applicable) and the following conditions are met:
(a) on or before such purchase or redemption of the Subordinated Notes, the Issuer replaces the Subordinated Notes with capital instruments of an equal or higher quality on terms that are sustainable for the Issuer's income capacity; or
(b) the Issuer has demonstrated to the satisfaction of the Relevant Regulator that its Tier 1 Capital and Tier 2 Capital would, following such purchase or redemption, exceed the capital ratios required under the CRD IV Rules by a margin that the Relevant Regulator may consider necessary.
In the case of redemption of the Subordinated Notes before five years after the date of issuance of the relevant Series of Notes if:
(i) the conditions listed in paragraphs (a) or (b) above are met; and
(ii) in the case of redemption due to the occurrence of a Capital Event, (i) the Relevant Regulator considers such change to be sufficiently certain and (ii) the Issuer demonstrates to the satisfaction of the Relevant Regulator that the Capital Event was not reasonably foreseeable at the time of the issuance of the first Tranche of the relevant Series of Subordinated Notes; or
(iii) in the case of redemption due to the occurrence of a Withholding Tax Event, a Tax Deduction Event or a Gross-up Event, the Issuer demonstrates to the satisfaction of the Relevant Regulator that such Withholding Tax Event, Tax Deduction Event or Gross-up Event is material and was not reasonably foreseeable at the time of issuance of the first Tranche of the relevant Series of Subordinated Notes, and the Issuer has delivered a certificate signed by one of its senior officers to the Principal Paying Agent (and copies thereof will be available at the Principal Paying Agent's specified office during its normal business hours) not less than five (5) calendar days prior to the date set for redemption that such Withholding Tax Event, Tax Deduction Event or Gross-up Event has occurred or will occur no more than ninety (90) days following the date fixed for redemption, as the case may be.
"Tier 1 Capital" has the meaning given to it (or, if no longer used, any equivalent or successor term) in the Relevant Rules.
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