Bond Factsheet
BNP 7.200% Perpetual Corp (USD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 92.309
Change in Bid Price 0.076
Bid Yield (%) 8.111 %
Change in Bid Yield 0.009
Ask Price 92.949
Change in Ask Price 0.015
Ask Yield (%) 8.031 %
Change in Ask Yield 0.002
Indicative price as of 09 Oct 2026, 3:59pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
BNP Paribas SA
Guarantor
-
Announcement Date
14 Apr 2026
Issue Date
17 Apr 2026
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 9.521
Modified Duration
6.422 @ 09 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.200
Coupon Type
Variable
Annual Coupon Rate
7.200
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 17 April 2036 and every 5 years thereafter
Reset Rate: 5 Years UST Rate+ Initial Margin (2.942%)
ISIN
USF1067PAK24
CUSIP
DI5054256
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
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
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., U.S.$1,000) in principal amount of the Notes subject to Conversion, shall (subject to Conditions 5.2.3 and 5.2.4) 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 13.7889 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 5.6 (Adjustments to the Maximum Conversion Ratio).
“Floor Price” means (i) (initially) U.S.$72.5216 per Ordinary Share (being €62.0532 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., April 14, 2026), converted into U.S. dollars at the Prevailing Rate on April 13, 2026 and rounded up to the nearest integral multiple of U.S.$0.0001), or (ii) upon any adjustment to the Maximum Conversion Ratio pursuant to Condition 5.6 (Adjustments to the Maximum Conversion Ratio) 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 (Conversion), detailing, among other things, the Conversion and settlement procedures and the adjustments that may be made to the Maximum Conversion Ratio.
Bail-in
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, among other things, to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority (in accordance with Condition 17 (Statutory Write-Down or Conversion)).
Deferral Interest Payment
The Issuer may elect at its full discretion to cancel (in whole or in part) the Interest Amount otherwise scheduled to be paid on any Interest Payment Date notwithstanding that it has Distributable Items, or the Maximum Distributable Amount is greater than zero.
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.
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 the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Conditions 7.2 (Optional Redemption)).
“Optional Redemption Date” means each of the Reset Dates.
Reset Dates: April 17, 2036 (the “First Reset Date”) and each fifth anniversary date thereafter.
Additional Note
Upon the occurrence of a Tax Event, a Capital Event or a MREL/TLAC Disqualification Event (each a “Special Event”), the Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) at the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Conditions 7.3 (Optional Redemption upon Tax Event), 7.4 (Optional Redemption upon Capital Event) and 7.5 (Optional Redemption upon MREL/TLAC Disqualification Event), respectively).
The Notes may only be redeemed if the Relevant Regulator has given its prior permission to such redemption, if required, and any other conditions required by applicable law are met (in accordance with Condition 7.8 (Conditions to Redemption or Purchase)).
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