BNP Paribas in $1.35 Billion Tier 1 and $750 Million Tier 2 Offerings

June 29, 2005

Cleary Gottlieb acted as deal counsel in two offerings by BNP Paribas: a $1.35 billion offering of deeply subordinated notes that will constitute Tier 1 capital, and a $750 million offering of subordinated notes that will constitute lower Tier 2 capital.  The notes, which are listed on the Luxembourg Stock Exchange, were offered in the U.S. under Rule 144A, and outside the U.S. under Regulation S.

The $1.35 billion offering was BNP Paribas’s first issuance of deeply subordinated Tier 1 notes since changes to French law enabled such issuances, and the first such issuance by a French bank in the U.S. markets.  The $750 million offering was made under BNP Paribas’ recently updated $10 billion U.S. medium-term note program. Cleary advised on the program update, which became effective on June 9.