BNP Paribas in $2 Billion Offering
November 28, 2023
November 28, 2023
Cleary Gottlieb acted as deal counsel in an issuance by BNP Paribas of $2 billion fixed-to-floating rate senior preferred notes due 2034.
The notes will constitute MREL-eligible liabilities.
The notes will bear interest at a fixed rate of 5.894% per annum from their date of issuance until December 5, 2033, and at a floating rate of interest, to be calculated using SOFR Index with a two-day observation period shift, from December 5, 2033 until maturity.
The notes were issued under the bank’s U.S. medium-term note program and placed in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S. The transaction priced on November 28, 2023, and is expected to close on December 5, 2023. BNP Paribas Securities Corp. acted as sole bookrunner and global coordinator, leading an underwriting syndicate comprised of several international investment banks acting as co-managers.