Bond Factsheet
BNP 5.125% Perpetual Corp (USD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 97.768
Change in Bid Price 0.343
Bid Yield (%) 5.560 %
Change in Bid Yield 0.068
Ask Price 98.011
Change in Ask Price 0.585
Ask Yield (%) 5.512 %
Change in Ask Yield 0.115
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
07 Nov 2017
Issue Date
15 Nov 2017
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.113
Modified Duration
1.034 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.125
Coupon Type
Variable
Annual Coupon Rate
5.125
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 15 Nov 2027 and every 5 years thereafter
Reset Rate: 5-Year Mid-Swap Rate + Initial margin (2.838%)
ISIN
USF1R15XK771
CUSIP
AP9091830
Bond Currency
USD
Total Issue Size
750,000,000
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
Write-Down: If a Trigger Event occurs, the Issuer shall (i) immediately notify the Relevant Regulator of the occurrence of the Trigger Event (ii) give a Write-Down Notice to Noteholders (in accordance with Condition 16 (Notices)) and the Fiscal Agent and (iii) irrevocably (without the need for the consent of Noteholders) reduce on the Write-Down Date the then Prevailing Outstanding Amount of each Note by the relevant Write-Down Amount (such reduction being referred to as a “Write-Down”, and “Written Down” being construed accordingly). Notwithstanding the foregoing, failure to give such notice shall not prevent the Issuer from effecting a Write-Down. Furthermore, if a notice of a Trigger Event has been given pursuant to this Condition 6.1, no notice of redemption may be given pursuant to Condition 7.2 (Optional of a Capital Event) or Condition 7.4 (Optional Redemption upon the occurrence of a Tax Event) until such Trigger Event has been cured.
6.2 Consequence of a Write-Down: A Trigger Event may occur on more than one occasion and the Notes may be Written Down on more than one occasion. For the avoidance of doubt, theprincipal amount of a Note may never be reduced to below one cent.
Write-Down of all or part of the Prevailing Outstanding Amount shall not constitute a 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 shall not entitle Noteholders to petition for the insolvency or dissolution of the Issuer.
Following a Write-Down of all or part of the Prevailing Outstanding Amount, Noteholders will be automatically deemed to waive irrevocably their rights to receive, and no longer have any rights against the Issuer with respect to, interest on and repayment of the Write-Down Amount (but without prejudice to their rights in respect of any reinstated principal amount following a Reinstatement).
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 18 (Statutory Write-down or Conversion)) by the Relevant Resolution Authority (as defined in Condition 18 (Statutory Write-down or Conversion)).
This is in addition to the terms of the Notes that provide for a Write-Down of the principal amount as described above under “Write-Down.” The Bail-in or Loss Absorption Power may be exercised by the Relevant Resolution Authority even if the CET1 Ratio of the Group remains above the relevant threshold levels. In addition, if the Bail-in or Loss Absorption Power is exercised, the Issuer will not have the ability to institute a reinstatement of the principal amount of the Notes upon a Reinstatement.
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 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.
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 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), as amended or replaced, would cause the Maximum Distributable Amount (if any) then applicable to be exceeded
Issuer Call
“Optional Redemption Date” means each of the Reset Dates;
“First Call Date” means the Interest Payment Date falling on or about November 15, 2027;
Additional Note
Upon the occurrence of a Capital Event, the Issuer may (at its option but subject to Condition 7.8 (Conditions to Redemption and Purchase) below) at any time subject to having given no less than thirty (30) nor more than forty-five (45) calendar days’ notice to the Noteholders in accordance with Condition 16 (Notices) (which notice shall be irrevocable) and the Fiscal Agent, redeem the then outstanding Notes in whole, but not in part, at their Prevailing Outstanding Amount, together with all interest accrued to the date fixed for redemption (if any).
“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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