BNP Paribas in $1.5 Billion Offering

September 15, 2021

Cleary Gottlieb acted as deal counsel in the issuance by BNP Paribas of $1.5 billion fixed-to-floating senior non-preferred notes due 2029.

The issuance was a takedown from its $50 billion medium-term note and warrant program.

The 2029 notes will bear interest at a fixed rate of 2.159% per annum from their date of issuance until September 15, 2028, and at a floating rate of interest, to be calculated using three-month term SOFR, from September 15, 2028 until maturity.

The notes were placed in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S. The notes were issued as part of BNP Paribas’ capital raising efforts to meet the total loss absorbing capacity (TLAC) requirements for global systemically important banks.

The transaction priced on September 8, 2021, and closed on September 15, 2021. 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.