Bond Factsheet
BNP 3.500% 16Nov2027 Corp (USD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 98.447
Change in Bid Price 0.017
Bid Yield (%) 5.095 %
Change in Bid Yield 0.022
Ask Price 98.634
Change in Ask Price 0.004
Ask Yield (%) 4.901 %
Change in Ask Yield
-
Indicative price as of 10 Nov 2026, 3:46pm
Bond Issuer
BNP Paribas SA
Guarantor
-
Announcement Date
09 Nov 2017
Issue Date
16 Nov 2017
Maturity Date
16 Nov 2027
Years to Maturity / Next Call
1.013 / -
Modified Duration
0.962 @ 10 Nov 2026
Issue / Reoffer Price
99.266
Issue / Reoffer Yield
3.588
Coupon Type
Fixed
Annual Coupon Rate
3.500
Coupon Frequency
Semi Annually
Seniority
Senior Non Preferred
Capital Structure
Senior Non Preferred
Reference Rate
-
ISIN
US09659X2C50
CUSIP
09659X2C5
Bond Currency
USD
Total Issue Size
1,500,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
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
Exercise of resolution powers including bail-in of capital instruments and eligible liabilities
The resolution authorities have the power to decide the placement in resolution and the exercise of the resolution powers at the point at which they determine that:
(a) the institution individually, or the group to which it belongs, as applicable, is failing or likely to fail, which includes situations where:
(i) the institution infringes/will in the near future infringe the requirements for continuing authorization in a way that would justify withdrawal of such authorization including, but not limited to, because the institution has incurred/is likely to incur losses depleting all or a significant amount of its own funds;
(ii) the assets of the institution are/will be in a near future less than its liabilities;
(iii) the institution is/will be in a near future unable to pay its debts or other liabilities when they fall due; or
(iv) the institution requires extraordinary public financial support.
(b) there is no reasonable prospect that a private action would prevent the failure; and
(c) a resolution action is necessary in the public interest.
The powers provided to resolution authorities in the BRRD include write-down/conversion powers to ensure that capital instruments, including additional tier 1 and tier 2 instruments (such as the Subordinated Notes), and eligible liabilities (including senior debt instruments, such as Senior Non Preferred Notes and Senior Preferred Notes) fully absorb losses in the situations described above (the “Bail-In Tool”). Accordingly, the BRRD contemplates that resolution authorities may require the write-down of such capital instruments and eligible liabilities in part or in full on a permanent basis, or convert them in part or in full into common equity tier 1 instruments.
Statutory Write-Down or Conversion
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:
(i) 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:
(1) the reduction of all, or a portion, of the Amounts Due (as defined below);
(2) 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;
(3) the cancellation of the Notes; and/or
(4) 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;
(ii) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority.
Additional Note
“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 a Series of Senior Non Preferred Notes, which change was not reasonably foreseeable by the Issuer as at the Issue Date of the Series, it is likely that all or part of the aggregate outstanding nominal amount of such Series of 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 such Series of Notes is excluded on the basis (1) that the remaining maturity of such 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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