By Cristal Cody
Tupelo, Miss., Jan. 7 – BNP Paribas SA (Aa3/A/A+) priced $2.6 billion of fixed-to-floating rate senior subordinated notes (Baa1/A-/A) in two tranches in a Rule 144A and Regulation S offering on Thursday, according to details from a market source.
BNP Paribas sold $1.7 billion of 4.705% notes due Jan. 10, 2025 at a spread of 235 basis points over Treasuries. Initial price talk was in the Treasuries plus 240 bps area.
A $900 million tranche of 5.198% notes due Jan. 10, 2030 priced on the tight side of guidance at a Treasuries plus 265 bps spread. The notes were initially talked to price in the Treasuries plus 265 bps to 270 bps area.
The rate on both tranches will reset to a floating rate after the initial fixed-rate period.
BNP Paribas Securities Corp. was the bookrunner.
BNP Paribas is a Paris-based banking and financial services company.
| Issuer: | BNP Paribas SA
|
| Amount: | $2.6 billion
|
| Description: | Senior subordinated notes
|
| Bookrunner: | BNP Paribas Securities Corp.
|
| Trade date: | Jan. 3
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Six-year notes
|
| Amount: | $1.7 billion
|
| Description: | Fixed-to-floating rate senior subordinated notes
|
| Maturity: | Jan. 10, 2025
|
| Coupon: | 4.705%; resets to floating rate after initial fixed-rate period
|
| Spread: | Treasuries plus 235 bps
|
| Call feature: | Non-callable five years
|
| Price guidance: | Treasuries plus 240 bps area
|
|
|
| 11-year notes
|
| Amount: | $900 million
|
| Description: | Fixed-to-floating rate senior subordinated notes
|
| Maturity: | Jan. 10, 2030
|
| Coupon: | 5.198%; resets to floating rate after initial fixed-rate period
|
| Spread: | Treasuries plus 265 bps
|
| Call feature: | Non-callable 10 years
|
| Price guidance: | Treasuries plus 265 bps to 270 bps area
|
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