Bond Factsheet
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BNP 7.125% Perpetual Corp (USD)
BNP Paribas SA
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Bond Issuer
BNP Paribas SA
Guarantor
-
Announcement Date
10 Aug 2026
Issue Date
17 Aug 2026
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 5.268
Modified Duration
4.207 @ 11 Nov 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.125
Coupon Type
Variable
Annual Coupon Rate
7.125
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 17 February 2032 and every 5 years thereafter.
Reset Rate: UST 5 years + Initial Margin (2.682%)
ISIN
USF1067PAL07
CUSIP
DO3551284
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
Bail-In
Statutory Write-down or Conversion
Statutory Write-Down or Conversion Acknowledgment
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 by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof:
(i) the reduction of all, or a portion, of the Amounts Due;
(ii) 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;
(iii) the cancellation of the Notes; and/or
(iv) 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;
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”).
“Trigger Event” shall occur if, at any time, the Group CET1 Ratio is less than the Trigger Level. Whether a Trigger Event has occurred at any time shall be determined by the Issuer or the Relevant Regulator.
“Trigger Level” means 5.125 per cent.
Bail-in or Loss Absorption Power
For these purposes, the “Bail-in or Loss Absorption Power” is any power existing from time to time under any laws, regulations, rules or requirements in effect in France, relating to the implementation of the BRRD, including without limitation pursuant to the BRRD Implementation Decree Laws, the Single Resolution Mechanism Regulation, or otherwise arising under French law, and in each case the instructions, rules and standards created thereunder, pursuant to which the obligations of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced on a permanent basis (in part or in whole), cancelled, suspended, transferred, varied or otherwise modified in any way, or securities of a Regulated Entity (or an affiliate of such Regulated Entity) can be converted into shares, other securities, or other obligations of such Regulated Entity or any other person, whether in connection with the implementation of a Bail-in or Loss Absorption Power following placement in resolution or otherwise.
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.
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:
(i) 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
(ii) 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).
Issuer Call
“Optional Redemption Date” means each of the Reset Dates.
Reset Dates: February 17, 2032 (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 the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Condition 7.12 (Redemption Amounts)), subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Event Supersedes Redemption, Substitution and Variation).
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 the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Condition 7.12 (Redemption Amounts)), subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Event Supersedes Redemption, Substitution and Variation).
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