BNP Paribas Issues $750 Million Capital Securities

Cleary Gottlieb acted as deal counsel in an offering by BNP Paribas of $750 million 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, will bear interest at an annual rate of 5.125 percent from their date of issuance until November 15, 2027, 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 November 7, 2017, and closed on November 15, 2017. 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.