BNP Paribas in $1.5 Billion Notes Offering

Cleary Gottlieb acted as deal counsel in an issuance by BNP Paribas of $ $1.5 billion fixed-to-floating rate senior non preferred notes due 2030.

The notes will constitute MREL-eligible liabilities.

The fixed-to-floating rate notes due 2030 will bear interest at a fixed rate of 4.892% per annum from their date of issuance until June 30, 2029, and at a floating rate of interest, to be calculated using SOFR Index with a two-day observation period shift, from June 30, 2029 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 June 25, 2026, and closed on June 30, 2026. BNP Paribas Securities Corp. acted as sole bookrunner, leading an underwriting syndicate comprising several international investment banks acting as joint lead managers and co-managers.

The Cleary team included partner Frederic Martin and associates Clément Piela and Marina Radovic.