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BNP Paribas raised $1.5bn via a PerpNC5.5 AT1 bond at a yield of 7.125%, 37.5bp inside initial guidance of 7.50% area. The junior subordinated note is rated Ba1/BBB-/BBB. If not called by 17 February 2032, the coupon will reset to the US 5Y Treasury yield plus 268.2bp. A trigger event will occur if at any time, the group CET1 Ratio is less than 5.125%. Above is a table comparing BNP’s latest issuance with its peers.


