Cleary Gottlieb represented BNP Paribas in two offerings of deeply subordinated notes. The offerings, worth $600 million and $1.1 billion, closed on June 6 and June 25.
The notes constitute Tier 1 capital. Tier 1 deals involve issuing securities with debt-like features that are counted as core capital under regulations that require banks to maintain minimum capital levels as a percentage of their risk-adjusted assets.