Bond Factsheet
BNP 7.000% Perpetual Corp (USD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 99.095
Change in Bid Price 0.589
Bid Yield (%) 7.167 %
Change in Bid Yield 0.110
Ask Price 99.358
Change in Ask Price 0.915
Ask Yield (%) 7.118 %
Change in Ask Yield 0.283
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
08 Aug 2018
Issue Date
16 Aug 2018
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.871
Modified Duration
1.699 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.000
Coupon Type
Variable
Annual Coupon Rate
7.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 16 August 2018 and every 5 year thereafter
Reset Rate: 5-Year Mid-Swap Rate+ Initial Margin (3.980%)
ISIN
USF1R15XK854
CUSIP
AT9682341
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
6.1 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 Redemption from the First Call Date), Condition 7.3 (Optional Redemption upon the occurrence 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, the principal 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).
Write-Down:
The Prevailing Outstanding Amount of the Notes will be written down if the Issuer’s CET1 Ratio on a consolidated basis 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.
“Trigger Event” shall occur if, at any time, the CET1 Ratio of the Group is less than the Trigger Level;
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 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.
(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.
Issuer Call
The Issuer may (at its option but subject to Condition 7.8 (Conditions to Redemption and Purchase) below), subject to having given no less than thirty (30) nor more than forty-five (45) calendar days’ prior notice to the Noteholders in accordance with Condition 16 (Notices) (which notice shall be irrevocable) and the Fiscal Agent, redeem the then outstanding Notes, on the relevant Optional Redemption Date in whole, but not in part, at their Original Principal Amount (provided that if at any time a Write-Down Notice has been given and/or the Notes have been Written Down pursuant to Condition 6.1 (Write-Down), the Issuer shall not be entitled to exercise its option under this Condition 7.2 until the principal amount of the Notes so Written Down has been fully reinstated pursuant to Condition 6.3 (Reinstatement)), together with all interest accrued to (but excluding) the relevant Optional Redemption Date (if any).
First Call Date: The Interest Payment Date falling on or about August 16, 2028
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).
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