By Cristal Cody
Tupelo, Miss., Feb. 18 – BNP Paribas SA (Baa1/A+/A+) priced $1.75 billion of 4.5% perpetual additional tier 1 contingent convertible capital notes (Ba1/BBB-/BBB-) at par on Tuesday, according to a market source.
The notes were talked to price in the 4.75% area, which was revised from initial price talk at the 5.125% area.
The rate will reset to a spread of Treasuries plus 294.4 basis points after the initial period.
BNP Paribas Securities Corp. was the bookrunner.
The issue is callable on Feb. 25, 2030.
BNP Paribas is a Paris-based banking and financial services company.
| Issuer: | BNP Paribas SA
|
| Amount: | $1.75 billion
|
| Description: | Additional tier 1 contingent convertible capital notes
|
| Maturity: | Perpetual
|
| Bookrunner: | BNP Paribas Securities Corp.
|
| Coupon: | 4.5%; resets to Treasuries plus 294.4 bps
|
| Price: | Par
|
| Call feature: | Feb. 25, 2030
|
| Trade date: | Feb. 18
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Price talk: | 4.75% area, revised from initial price talk at 5.125% area
|
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