2018 Registration document and annual fi nancial report - BNP PARIBAS486
6 INFORMATION ON THE PARENT COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2018
6
Notes to the parent company fi nancial statements
Undated subordinated debt
Undated Super Subordinated notes BNP Paribas SA has issued Undated Super Subordinated notes for a total equivalent in euro of EUR 8,397 million at 31 December 2018. The notes pay a fi xed- or fl oating-rate coupon and are redeemable at the end of a fi xed period and thereafter at each coupon date or every fi ve 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 fi xed rate.
On 13 April 2017, BNP Paribas SA redeemed the April 2007 issue for a total amount of EUR 638 million at the fi rst call date. This issue paid a fi xed-rate coupon of 5.019%.
On 23 October 2017, BNP Paribas redeemed the October 2007 issue, for a total of GBP 200 million on its fi rst call date. This issue paid a fi xed- rate coupon of 7.436%.
On 15 November 2017, BNP Paribas SA issued Undated Super Subordinated notes in the amount of USD 750 million. This issue pays a
fi xed-rate coupon of 5.125%. The notes are redeemable after fi ve years. If the notes are note redeemed in 2022, a fi ve years dollar swap rate coupon will be paid half-yearly.
On 2 July 2018, BNP Paribas SA redeemed the June 2008 issue for a total amount of EUR 500 million at its fi rst call date. This issue paid a fi xed- 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 fi xed-rate coupon of 7%. The notes are redeemable after fi ve years. If the notes are not redeemed in 2028, a coupon indexed to the fi ve-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 fi rst call date. This issue paid a fi xed-rate coupon of 7.57%.
The table below summarises the characteristics of these various issues:
Issue date Currency
Amount in original
currency (in millions)
Coupon frequency Rate and term before fi rst call date Rate after fi rst call date
31 Dec. 2018
31 Dec. 2017
October 2005 EUR 1,000 Yearly 4.875% 6 years 4.875% 1,000 1,000
October 2005 USD 400 Yearly 6.25% 6 years 6.250% 349 333
July 2006 EUR 150 Yearly 5.45% 20 years 3-month Euribor +1.920% 150 150
June 2007 USD 600 quarterly 6.5% 5 years 6.5% 524 500
June 2007 USD 1,100 half-yearly 7.195% 30 years USD 3-month Libor +1.290% 960 916
June 2008 EUR 500 Yearly 7.781% 10 years 3-month Euribor +3.750% 0 500
September 2008 EUR 100 Yearly 7.57% 10 years 3-month Euribor +3.925% 0 100
December 2009 EUR 2 quarterly 3-month Euribor +3.750% 10 years 3-month Euribor +4.750% 2 2
December 2009 EUR 17 Yearly 7.028% 10 years 3-month Euribor +4.750% 17 17
December 2009 USD 70 quarterly USD 3-month Libor
+3.750% 10 years USD 3-month Libor +4.750% 61 59
December 2009 USD 0.5 Yearly 7.384% 10 years USD 3-month Libor +4.750% 1 1
June 2015 EUR 750 half-yearly 6,125% 7 years EUR 5-year swap +5.230% 750 750
August 2015 USD 1,500 half-yearly 7.375% 10 years USD 5-year swap +5.150% 1,309 1,249
March 2016 USD 1,500 half-yearly 7.625% 5 years USD 5-year swap +6.314% 1,309 1,249
December 2016 USD 750 half-yearly 6.750% 5.25 years USD 5-year swap +4.916% 655 624
November 2017 USD 750 half-yearly 5.125% 5 years USD 5-year swap +2.838% 655 624
August 2018 USD 750 half-yearly 7.000% 10 years USD 5-year swap +3.980% 655
UNDATED SUPER SUBORDINATED NOTES 8,397 8,074
