2019 Universal registration document and annual financial report - BNP PARIBAS 485

6information on the Parent ComPany finanCial statements at 31 deCemBer 2019

6

Notes to the parent company financial statements

Redeemable subordinated debt

The redeemable subordinated debt issued by BNP Paribas SA is in the form of medium and long-term debt securities equivalent to ordinary subordinated debt; these issues are redeemable prior to the contractual maturity date in the event of liquidation of the issuer, and rank after the other creditors but before holders of participating loans and participating subordinated notes.

These debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via a public tender or exchange offers, or (in the case of private placements) over the counter, subject to regulatory approval.

Debt issued by BNP Paribas SA via placements in the international markets may be subject to early redemption of the capital and early

payment of interest due at maturity at the issuer s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60 days and is subject to approval by the banking supervisory authorities.

In 2018, a subordinated note was redeemed at or before maturity resulting in a EUR 85 million reduction in outstanding redeemable subordinated debt. In addition, five subordinated notes were issued in 2018 totalling EUR 1,832 million.

In 2019, eight new subordinated debts were issued in the amount of EUR 1,548 million.

The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2019:

In millions of euros Outstanding at

31/12/2019 2020 2021 2022 2023 2024 2025 to 2029 After 2029

Redeemable subordinated debt 16,130 5 - 354 - 891 11,703 3,176

The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2018:

In millions of euros Outstanding at

31/12/2018 2019 2020 2021 2022 2023 2024 to 2028 After 2028

Redeemable subordinated debt 14,405 - 5 - 335 - 12,154 1,911

Undated subordinated debt

Undated Super Subordinated notes BNP Paribas 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 or fixed rate.

On 2 July 2018, BNP Paribas SA redeemed the June 2008 issue for a total amount of EUR 500 million at its first call date. This issue paid a fixed- rate coupon of 7.781%.

On 16 August 2018, BNP Paribas SA issued Undated Super Subordinated notes in the amount of USD 750 million. This issue pays a fixed-rate coupon of 7%. These notes could be redeemed at the end of a period of 10 years. If the notes are not redeemed in 2028, a coupon indexed to the five-year dollar swap rate will be paid half-yearly.

On 18 September 2018, BNP Paribas SA redeemed the September 2008 issue for a total amount of EUR 100 million at its first call date. This issue paid a fixed-rate coupon of 7.57%.

On 25 March 2019, BNP Paribas SA issued Undated Super Subordinated notes in the amount of USD 1,500 million. This issue pays a fixed-rate

coupon of 6.625%. The notes are redeemable after five years. If the notes are not redeemed in 2024, a coupon indexed to the five-year dollar swap rate will be paid half-yearly.

On 10 July 2019, BNP Paribas SA issued Undated Super Subordinated notes in the amount of AUD 300 million. This issue pays a fixed-rate coupon of 4.5%. The notes are redeemable after five years and six months. If the notes are not redeemed in 2025, a coupon indexed to the five-year Australian dollar swap rate will be paid half-yearly.

On 17 October 2019, BNP Paribas SA redeemed the October 2005 issue, for an amount of EUR 1,000 million. This issue paid a fixed-rate coupon of 4.875%.

On 20 November 2019, BNP Paribas SA redeemed the December 2009 issue for EUR 1 million, before the first call date. This issue paid a fixed- rate coupon of 7.384%.

On 29 December 2019, BNP Paribas SA redeemed the two December 2009 issues, for EUR 17 million and EUR 2 million, respectively, at the first call date. The notes pay a fixed-rate coupon of 7.028% and a Euribor 3-month floating-rate coupon.

On 30 December 2019, BNP Paribas SA redeemed the December 2009 issue for EUR 70 million, at the first call date. The note paid a Libor 3-month dollar floating-rate coupon.