By Cristal Cody
Tupelo, Miss., June 2 – BNP Paribas SA (Baa1/A+/A+) priced $2 billion of six-year fixed-to-floating rate notes at par to yield 2.219% on Tuesday, according to a market source.
The rate on the notes will convert to a floating rate of SOFR plus 207.4 basis points after the initial fixed-rate period.
The notes were initially talked to price in the 220 bps area.
BNP Paribas Securities Corp. was the bookrunner.
The notes have a five-year non-call period.
BNP Paribas is a Paris-based banking and financial services company.
| Issuer: | BNP Paribas SA
|
| Amount: | $2 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | June 9, 2026
|
| Bookrunner: | BNP Paribas Securities Corp.
|
| Coupon: | 2.219%; resets to SOFR plus 207.4 bps after initial fixed-rate period
|
| Call feature: | Non-callable for five years
|
| Trade date: | June 2
|
| Ratings: | Moody’s: Baa1
|
| S&P: A+
|
| Fitch: A+
|
| Price talk: | SOFR plus 220 bps area
|
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