Bond Factsheet
BNP 5.900% Perpetual Corp (SGD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 101.500
Change in Bid Price 0.050
Bid Yield (%) 4.772 %
Change in Bid Yield 0.030
Ask Price 102.000
Change in Ask Price 0.100
Ask Yield (%) 4.403 %
Change in Ask Yield 0.064
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
21 Feb 2023
Issue Date
28 Feb 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.409
Modified Duration
1.333 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.900
Coupon Type
Variable
Annual Coupon Rate
5.900
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 28 February 2028 and every 5 years thereafter
Reset Rate: 5 year SORA OSI Rate + Initial Margin [2.674%]
ISIN
FR001400G6X6
CUSIP
ZL2076137
Bond Currency
SGD
Total Issue Size
600,000,000
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)
***/ BBB
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Write-Down and Reinstatement:
The Prevailing Outstanding Amount of the Notes will be written down by the relevant Write-Down Amount if the Group’s CET1 Ratio falls below 5.125 per cent. Following such reduction, some or all of the principal amount of the Notes may, at the Issuer’s discretion, be reinstated, up to the Original Principal Amount, if a positive Group Net Income is recorded, subject to compliance with the Relevant Rules (including the Maximum Distributable Amount). See Condition 6 (Write-Down and Reinstatement) in “Terms and Conditions of the Notes”.
Recognition of Bail-in and Loss Absorption
Acknowledgement: By its acquisition of the Notes, each Noteholder (which, for the purposes of this Condition 16, includes any current or future holder of a beneficial interest in the Notes) acknowledges, accepts, consents and agrees:
(a) to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power (as defined below) by the Relevant Resolution Authority (as defined below), which may include and result in any of the following, or some combination thereof:
A. the reduction of all, or a portion, of the Amounts Due (as defined below);
B. the conversion of all, or a portion, of the Amounts Due into shares, other securities or
other obligations of the Issuer or another person (and the issue to the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes, in which case the Noteholder agrees to accept in lieu of its rights under the Notes any such shares, other securities or other obligations of the Issuer or another person; C. the cancellation of the Notes; and/or;
D. the amendment or alteration of the maturity of the Notes or amendment of the
amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period;
Waiver of set-off:
No Noteholder may at any time exercise or claim any Waived Set-Off Rights (as defined below) against any right, claim, or liability the Issuer has or may have or acquire against such Noteholder, directly or indirectly, howsoever arising (and, for the avoidance of doubt, including all such rights, claims and liabilities arising under or in relation to any and all agreements or other instruments of any sort or any noncontractual obligations, in each case whether or not relating to such Note) and each such Noteholder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
“Waived Set-Off Rights” means any and all rights of or claims of any Noteholder for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any such Note.
Deferral Interest Payment
(i) Optional cancellation
The Issuer may elect at its full discretion to cancel (in whole or in part) the Interest Amount otherwise scheduled to be paid on an Interest Payment Date notwithstanding it has Distributable Items or the Maximum Distributable Amount is greater than zero.
Interest Amounts on the Notes will be non-cumulative. Accordingly, if any Interest Amounts (or part thereof) is not paid in respect of the Notes as a result of any election of the Issuer to cancel such Interest Amount pursuant to this paragraph (i) or of the limitations on payment set out in paragraph (ii) below, then (x) the right of the Noteholders to receive the relevant Interest Amount (or part thereof) in respect of the relevant Interest Period will be extinguished and the Issuer will have no obligation to pay such Interest Amount (or part thereof) accrued for such Interest Period or to pay any interest thereon and (y) it shall not constitute an event of default in respect of the Notes or a breach of the Issuer’s obligations or duties or a failure to perform by the Issuer in any manner whatsoever, and it shall not entitle Noteholders to petition for the insolvency or dissolution of the Issuer.
(ii) Mandatory cancellation
The Issuer will cancel the payment of an Interest Amount (in whole or, as the case may be, in part) if the Relevant Regulator notifies in writing the Issuer that, in accordance with the Relevant Rules, it has determined that the Interest Amount (in whole or in part) should be cancelled based on its assessment of the financial and solvency situation of the Issuer.
Issuer Call
The Issuer may (at its option but subject to Condition 7.7 (Conditions to Redemption and Purchase)) redeem the then outstanding Notes, on the relevant Optional Redemption Date in whole at their Original Principal Amount, together with accrued interest.
First Call Date : 28 February 2028
Optional Redemption Dates: Means each of the Reset Dates.
Additional Note
Upon the occurrence of a Capital Event, the Issuer may (at its option but subject to Condition 7.7 (Conditions to Redemption and Purchase) 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 14 (Notices) (which notice shall be irrevocable) and the Fiscal Agent, redeem the then outstanding Notes in whole, but not in part, at their Prevailing Outstanding Amount, together with all interest accrued to the date fixed for redemption (if any).
“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, which change was not reasonably foreseeable by the Issuer as at the Issue Date, it is likely that all or part of the aggregate outstanding nominal amount of the Notes will be, excluded from the own funds of the Group or reclassified as a lower quality form of own funds of the Group.
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