BNP Paribas’ $750 Million Offering

August 16, 2018

Cleary Gottlieb acted as deal counsel in an offering by BNP Paribas of $750 milllion perpetual fixed-rate resettable additional Tier 1 notes.

The notes will count towards the bank’s regulatory capital requirements (Tier-1). The notes, which have no fixed maturity, will bear interest at a rate of 7.000 percent per annum from their date of issuance until August 16, 2028, the first call date.

The notes were placed in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S and are listed on Euronext Paris. The transaction priced on August 8, 2018, and closed on August 16, 2018. 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.