BNP Paribas’ $1.5 Billion AT1 Offering

Cleary Gottlieb acted as deal counsel in an offering by BNP Paribas of $1.5 billion perpetual fixed-rate resettable additional Tier 1 notes.

The notes will count toward the bank’s regulatory capital requirements (Tier 1). The notes, which have no fixed maturity, bear interest at a rate of 6.625% per annum from their date of issuance until March 25, 2024, the first call date.

The notes were placed in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S and are listed on Euronext Paris. The transaction priced on March 18, 2019, and closed on March 25, 2019. 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.