BNP Paribas in $3.25 Billion Offering

Cleary Gottlieb acted as deal counsel in an issuance by BNP Paribas of $1.75 billion fixed- to floating-rate senior nonpreferred notes due 2030 and $1.5 billion fixed- to floating-rate senior nonpreferred notes due 2035.

The Notes will constitute MREL-eligible liabilities.

The notes due 2030 will bear interest at a fixed rate of 5.497% per annum from their date of issuance until May 20, 2029, and at a floating rate of interest, to be calculated using SOFR index with a two-day observation period shift, from May 20, 2029 until maturity.

The notes due 2035 will bear interest at a fixed rate of 5.738% per annum from their date of issuance until February 20, 2034, and at a floating rate of interest, to be calculated using SOFR index with a two-day observation period shift, from February 20, 2034 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 February 12, 2024, and closed on February 20, 2024. BNP Paribas Securities Corp. acted as sole bookrunner, leading an underwriting syndicate comprising several international investment banks acting as joint lead managers.