Bond Factsheet
BNP 7.000% Perpetual Corp (AUD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 98.175
Change in Bid Price 0.181
Bid Yield (%) 7.429 %
Change in Bid Yield 0.043
Ask Price 98.575
Change in Ask Price 0.028
Ask Yield (%) 7.334 %
Change in Ask Yield 0.006
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
BNP Paribas SA
Guarantor
-
Announcement Date
25 Nov 2025
Issue Date
02 Dec 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 4.666
Modified Duration
3.813 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.000
Coupon Type
Variable
Annual Coupon Rate
7.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 2 June 2031 and every 5 years thereafter
Reset Rate: prevailing 5-Year AUD Semi Quarterly Mid-Swap Rate + Initial Margin (3.036%)
ISIN
FR0014014MD4
CUSIP
DA7739018
Bond Currency
AUD
Total Issue Size
750,000,000
Min. Investment Quantity (Nominal)
AUD 200,000
Incremental Quantity (Nominal)
AUD 200,000
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
Conversion upon Trigger Event
If a Trigger Event occurs, the Notes shall be converted, in whole and not in part, into new fully paid Ordinary Shares of the Issuer (the “Conversion Shares”), based on the Conversion Ratio, on the date specified in the Conversion Notice as the date on which the Conversion shall take place (the “Conversion Date”).
The “Conversion Ratio”, as determined in respect of each Calculation Amount (i.e., the Specified Denomination) in principal amount of the Notes subject to Conversion, shall (subject to Conditions 5.2.2.3 and 5.2.2.4) be:
(a) if the Current Market Price of an Ordinary Share is capable of being determined in accordance with the definition thereof, the lower of (i) the result (rounded to the nearest integral multiple of 0.0001 Ordinary Share (with 0.00005 being rounded up)) of the Calculation Amount divided by the Current Market Price of an Ordinary Share and (ii) the Maximum Conversion Ratio in effect on the Conversion Notice Date; or
(b) if the Current Market Price of an Ordinary Share is not capable of being determined in accordance with the definition thereof, as per paragraph (a) above, the Maximum Conversion Ratio in effect on the Conversion Notice Date.
“Maximum Conversion Ratio” means initially 2,323.1340 Ordinary Shares per Calculation Amount (being the Calculation Amount divided by the initial Floor Price, rounded down to the nearest integral multiple of 0.0001 Ordinary Share), subject to adjustment from time to time pursuant to Condition 5.2.4.
“Floor Price” means (i) (initially) AUD86.0906 per Ordinary Share (being €48.272168 per Ordinary Share (corresponding to 70% of the arithmetic average of the daily Volume Weighted Average Prices of an Ordinary Share on each of the five (5) consecutive Trading Days immediately preceding the pricing date of the Notes (i.e., 25 November 2025)), converted into Australian dollars at the Prevailing Rate on 24 November 2025 and rounded up to the nearest integral multiple of AUD 0.0001), or (ii) upon any adjustment to the Maximum Conversion Ratio pursuant to Condition 5.2.4 at any time, such amount as is equal to the Calculation Amount divided by the Maximum Conversion Ratio in effect at such time.
This summary should be read together with Condition 5.2 (Conversion of Convertible Notes), detailing, among other things, the Conversion and settlement procedures and the adjustments that may be made to the Maximum Conversion Ratio.
Trigger Event: If, at any time, the Group CET1 Ratio is less than 5.125 per cent.
Statutory Write-Down or Conversion
By its acquisition of the Notes, each Noteholder (which includes any current or future holder of a beneficial interest in the Notes) acknowledges, accepts, consents, and agrees to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power (as defined in Condition 16 (Statutory Write-Down or Conversion)) by the Relevant Resolution Authority (as defined in Condition 16 (Statutory Write-Down or Conversion)).
For the avoidance of doubt, this is in addition to the Conditions that provide for a Write-Down or a Conversion, as described under “Write-Down of Write-Down Notes” and “Conversion of Convertible Notes”. The Bail-in or Loss Absorption Power may also be exercised by the Relevant Resolution Authority even if the Group CET1 Ratio remains equal to or above 5.125%.
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 that it has Distributable Items or that the Maximum Distributable Amount is greater than zero.
(ii) Mandatory cancellation
The Issuer will cancel the payment of an Interest Amount (in whole or in part) if the Relevant Regulator notifies the Issuer in writing 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. In any case, the maximum Interest Amounts (including any additional amounts payable pursuant to Condition 8 (Taxation)) that may be payable (in whole or in part) under the Notes will not exceed an amount that:
(a) when aggregated together with any interest payment or distributions which have been paid or made or which are required to be paid or made on other own funds items in the then current financial year (excluding any such interest payments on Tier 2 Capital instruments and/or which have already been provided for, by way of deduction, in the calculation of Distributable Items), is higher than the amount of Distributable Items (if any) then available to the Issuer; and
(b) when aggregated together with other distributions or payments of the kind referred to in Article L.511-41-1 A X of the French Monetary and Financial Code (Code monétaire et financier) (implementing Article 141(2) of the CRD), or in provisions of the Relevant Rules relating to other limitations on distributions or payments, as amended or replaced, would cause any Maximum Distributable Amount then applicable to be exceeded (to the extent the limitation in Article 141(3) of the CRD, or any other limitation related to the Maximum Distributable Amount in the CRD or the BRRD, is then applicable).
Non-cumulative Interest Amounts
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 paragraph 4.9.2(a) above or of the limitations on payment set out in paragraph 4.9.2 (b) above, 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.
Issuer Call
The Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) on any Optional Redemption Date at their outstanding principal amount, together with any unpaid and uncancelled accrued interest (in accordance with Conditions 7.2 (Optional Redemption)).
Optional Redemption Dates: Means each of the Reset Dates.
Reset Dates 2 June 2031 (the “First Reset Date”) and each fifth anniversary date thereafter.
Additional Note
Upon the occurrence of a Capital Event, the Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) at any time specified in the notice of redemption at (i) their Prevailing Outstanding Amount with respect to Write-Down Notes or (ii) their outstanding principal amount with respect to Convertible Notes, in each case together with any unpaid and uncancelled interest accrued to (but excluding) the date fixed for redemption in the applicable notice of redemption, subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Supersedes 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 Notes (taking into account the issue date of any Additional Notes), which change was not reasonably foreseeable by the Issuer as at the issue date of the Notes (taking into account the issue date of any Additional Notes), it is likely that all or part of the aggregate outstanding principal 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.
Optional Redemption upon MREL/TLAC Disqualification Event
Upon the occurrence of a MREL/TLAC Disqualification Event, the Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) at any time specified in the notice of redemption at (i) their Prevailing Outstanding Amount with respect to Write-Down Notes or (ii) their outstanding principal amount with respect to Convertible Notes, in each case together with any unpaid and uncancelled interest accrued to (but excluding) the date fixed for redemption in the applicable notice of redemption, subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Supersedes Redemption).
“MREL/TLAC Disqualification Event” means the determination by the Issuer, that as a result of a change in French and/or EU laws or regulations becoming effective on or after the issue date of the Notes (taking into account the issue date of any Additional Notes), which change was not reasonably foreseeable by the Issuer as at the issue date of the Notes (taking into account the issue date of any Additional Notes), it is likely that all or part of the aggregate outstanding principal amount of the Notes will be excluded from the eligible liabilities available to meet the MREL/TLAC Requirements (however called or defined by then applicable regulations) if the Issuer is then subject to such requirements, provided that a MREL/TLAC Disqualification Event shall not occur where the Notes are excluded on the basis (1) that the remaining maturity of the Notes is less than any period prescribed by any applicable eligibility criteria under the MREL/TLAC Requirements, or (2) of any applicable limits on the amount of eligible liabilities to meet the MREL/TLAC Requirements.
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