Cleary Gottlieb acted as deal counsel in a dual-tranche offering by BNP Paribas of $1.7 billion fixed-to-floating senior non-preferred notes due 2025 and $900 million fixed-to-floating senior non-preferred notes due 2030.
The offering was a takedown from its $35 billion medium-term note program.
The 2025 notes will bear interest at a fixed rate of 4.705% per annum from their date of issuance until January 10, 2024, and at a floating rate of interest from January 10, 2024, until maturity. The 2030 notes will bear interest at a fixed rate of 5.198% per annum from their date of issuance until January 10, 2030, and at a floating rate of interest from January 10, 2030, until maturity.
The notes were placed in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S. The transactions priced on January 3, 2019, and closed on January 10, 2019. BNP Paribas Securities Corp. acted as sole bookrunner and global coordinator, leading an underwriting syndicate comprised of several international investment banks acting as joint lead managers and co-managers.