By Cristal Cody
Chicago, Aug. 9 – BNP Paribas SA priced $2 billion of 7.75% resettable junior subordinated additional tier 1 notes (Ba1/BBB-/BBB) at par on Monday, according to information from multiple market sources.
The first reset date for the perpetual notes will be Aug. 16, 2029. The notes will reset to Treasuries plus 489.9 bps. The rate will reset every five years.
The notes will be callable on the first reset date and then once every five years thereafter.
Initial price talk for the Rule 144A and Regulation S deal was in the 8.25% area, which was later revised to the 8% area.
BNP Paribas Securities Corp. is the global coordinator and bookrunner.
The financial services company is based in Paris.
| Issuer: | BNP Paribas SA
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| Amount: | $2 billion
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| Issue: | Junior subordinated additional tier 1 notes
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| Maturity: | Perpetual
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| Bookrunner: | BNP Paribas Securities Corp.
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| Coupon: | 7.75% starting rate; resets starting Aug. 16, 2029 to Treasuries plus 489.9 bps
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| Price: | Par
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| Yield: | 7.75%
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| Call features: | Starting Aug. 16, 2029 at par, then once every five years thereafter
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| Trade date: | Aug. 8
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| Settlement date: | Aug. 16
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 8.25% area, revised to 8% area
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