Bond Factsheet
BNP 9.250% Perpetual Corp (USD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 102.455
Change in Bid Price 0.352
Bid Yield (%) 6.909 %
Change in Bid Yield 0.320
Ask Price 102.904
Change in Ask Price 0.344
Ask Yield (%) 6.493 %
Change in Ask Yield 0.310
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
09 Nov 2022
Issue Date
17 Nov 2022
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.117
Modified Duration
1.017 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
9.250
Coupon Type
Variable
Annual Coupon Rate
9.250
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 17 Nov 2027 and every 5 years thereafter
Reset Rate: 5Y UST Rate + Initial Margin (4.969%)
ISIN
USF1067PAD80
CUSIP
ZN2762773
Bond Currency
USD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield 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
Statutory Write-down or Conversion
Acknowledgment: By its acquisition of the Notes, each Noteholder (which, for the purposes of this Condition 18, 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.
For these purposes, the “Amounts Due” are the Prevailing Outstanding Amount of the Notes, and any accrued and unpaid interest on the Notes that has not been previously cancelled or otherwise is no longer due.
Write-Down
The Prevailing Outstanding Amount of the Notes will be written down if the Group CET1 Ratio falls below 5.125 per cent. (all as defined in Condition 2 (Interpretation)). Holders may lose some or all of their investment as a result of a Write-Down.
Waiver of Set-Off
In accordance with Condition 8.8 (Waiver of set-off), no Noteholder may at any time exercise or claim any and all rights of or claims for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any such Note (the “Waived Set-Off Rights”) 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 non-contractual 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.
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.
In any case, the maximum Interest Amounts (including any additional amounts payable pursuant to Condition 9 (Taxation)) that may be payable (in whole or, as the case may be, in part) under the Notes will not exceed an amount that:
− 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
− when aggregated together with other distributions or payments of the kind referred to in Article L.511-41-1 A X of the French Code monétaire et financier (implementing Article 141(2) of the CRD IV), 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 IV, or any other limitation related to the Maximum Distributable Amount in the CRD IV or the BRRD, is then applicable).
See Condition 5.9 (Cancellation of Interest Amounts).
Issuer Call
The Issuer may (at its option but subject to Condition 7.8 (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.
Optional Redemption Date: Each of the Reset Dates.
First Call Date: The Interest Payment Date falling on or about November 17, 2027.
Interest Payment Date means May 17 and November 17 in each year from (and including) May 17, 2023;
Additional Note
Following the occurrence of a Special Event, the Issuer may, at any time, without the consent of the Noteholders which may otherwise be required under the Conditions, and subject to (i) receiving any consent required from the Relevant Regulator, and (ii) having given no less than fifteen (15) nor more than forty five (45) calendar days’ notice to the Fiscal Agent and the Noteholders either (x) substitute new notes for the Notes whereby such new notes shall replace the Notes or (y) vary the terms of the Notes, so that the Notes may become or remain Compliant Securities. Compliant Securities are securities issued directly or indirectly by the Issuer that have terms that, inter alia, comply with the then-current requirements of the Relevant Regulator in relation to Additional Tier 1 Capital and that are not otherwise materially less favorable to the Noteholders than the terms of the relevant Notes.
If the Issuer has given a notice to the Holders of substitution or variation of the Notes, and, after giving such notice but prior to the date of such substitution or variation, as applicable, the Issuer determines that a Trigger Event has occurred, the Issuer shall, in consultation with the Relevant Regulator, determine whether or not the proposed substitution or variation, as applicable, will proceed and, if so, whether any amendments to the terms and/or timing of such substitution or variation, as applicable, will be made.
“Alignment Event” will be deemed to have occurred if, as a result of any change or amendment in the Relevant Rules at any time after the Issue Date, the Issuer would be able to issue a capital instrument qualifying as Additional Tier 1 Capital that contains one or more provisions that are, in the reasonable opinion of the Issuer, different in any material respect from those in the Conditions, which provisions, if they had been included in the Conditions, would have prevented the Notes from qualifying as Additional Tier 1 Capital immediately prior to such change in the Relevant Rules.
“Special Event” means any of a Tax Event, an Alignment Event or a Capital Event.
Optional Redemption by the Issuer upon the Occurrence of a Tax Event or a Capital Event
Subject as provided herein, in particular to the provisions of Condition 7.8 (Conditions to Redemption and Purchase), upon the occurrence of a Capital Event or a Tax Event, the Issuer may, at its option at any time, redeem the then outstanding Notes in whole, but not in part, at their Prevailing Outstanding Amount together with accrued interest thereon.
“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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