By Cristal Cody
Tupelo, Miss., Sept. 23 – BNP Paribas SA (Aa3/A+/A+) priced $1.25 billion of 1.904% fixed-to-floating rate notes due Sept. 28, 2028 on Wednesday at a spread of 145 basis points over Treasuries, according to a market source.
Price talk was in the 162.5 bps over Treasuries area.
The rate will reset to a floating rate of SOFR plus 160.9 bps after the initial fixed-rate period.
BNP Paribas Securities Corp. was the bookrunner.
The notes have a seven-year non-call period.
BNP Paribas is a Paris-based banking and financial services company.
| Issuer: | BNP Paribas SA
|
| Amount: | $1.25 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | Sept. 28, 2028
|
| Bookrunner: | BNP Paribas Securities Corp.
|
| Coupon: | 1.904%; resets to SOFR plus 160.9 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 145 bps
|
| Call feature: | Seven years
|
| Trade date: | Sept. 23
|
| Ratings: | Moody’s: Aa3
|
| S&P: A+
|
| Fitch: A+
|
| Price guidance: | Treasuries plus 162.5 bps area
|
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