2020 Universal registration document and annual financial report - BNP PARIBAS 249
4Consolidated finanCial statements for the year ended 31 deCemBer 2020
4
Notes to the financial statements
Undated Super Subordinated Notes issued by BNP Paribas SA BNP Paribas SA has issued Undated Super Subordinated Notes which pay a fixed, fixed adjustable or floating rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years. If the notes are not redeemed at the end of this period, some of these issues will pay a coupon indexed to Euribor, Libor or a swap rate or a fixed-rate coupon.
On 25 March 2019, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of USD 1,500 million which pay a 6.625% fixed-rate coupon. These notes could be redeemed at the end of a period of 5 years. If the notes are not redeemed in 2024, a 5-year dollar swap rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.
On 10 July 2019, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of AUD 300 million which pay a 4.5% fixed-rate coupon. These notes could be redeemed at the end of a period of 5 years and a half. If the notes are not redeemed in 2025, a 5-year Australian dollar swap rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.
On 17 October 2019, BNP Paribas SA redeemed the October 2005 issue, for an amount of EUR 1,000 million. These notes paid a 4.875% fixed- rate coupon.
On 20 November 2019, BNP Paribas SA redeemed the December 2009 issue, for an amount of EUR 1 million, before the first call date. These notes paid a 7.384% fixed-rate coupon.
On 29 December 2019, BNP Paribas SA redeemed two December 2009 issues at the first call date, for a respective amount of EUR 17 million and EUR 2 million. These notes paid respectively a 7.028% fixed-rate coupon and a 3-month Euribor rate coupon.
On 30 December 2019, BNP Paribas SA redeemed the December 2009 issue, for an amount of USD 70 million, at the first call date. These notes paid a USD 3-month Libor rate coupon.
On 25 February 2020, BNP Paribas SA has issued Undated Super Subordinated Notes for an amount of USD 1,750 million which pay a 4.5% fixed-rate coupon. These notes could be redeemed at the end of a period of 10 years. If the notes are not redeemed in 2030, a US 5-year Constant Maturity Treasury rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.
On 17 October 2020, BNP Paribas SA redeemed the October 2005 issue, for an amount of USD 400 million. These notes paid a 6.25% fixed-rate coupon.
The following table summarises the characteristics of these various issues:
Date of issue Currency
Amount (in millions of
currency units) Coupon
payment date Rate and term before
1st call date Rate after
1st call date
July 2006 EUR 150 annual 5.450% 20 years 3-month Euribor +1.920%
June 2007 USD 600 quarterly 6.500% 5 years 6.500%
June 2007 USD 1,100 semi-annual 7.195% 30 years USD 3-month Libor +1.290%
June 2015 EUR 750 semi-annual 6.125% 7 years EUR 5-year swap +5.230%
August 2015 USD 1,500 semi-annual 7.375% 10 years USD 5-year swap +5.150%
March 2016 USD 1,500 semi-annual 7.625% 5 years USD 5-year swap +6.314%
December 2016 USD 750 semi-annual 6.750% 5.25 years USD 5-year swap +4.916%
November 2017 USD 750 semi-annual 5.125% 10 years USD 5-year swap +2.838%
August 2018 USD 750 semi-annual 7.000% 10 years USD 5-year swap +3.980%
March 2019 USD 1,500 semi-annual 6.625% 5 years USD 5-year swap +4.149%
July 2019 AUD 300 semi-annual 4.500% 5.5 years AUD 5-year swap +3.372%
February 2020 USD 1,750 semi-annual 4.500% 10 years US 5 years CMT +2.944%
TOTAL AT 31 DECEMBER 2020 IN EURO-EQUIVALENT HISTORICAL VALUE 9,948(1)
(1) Net of shares held in treasury by Group entities.
