2022 Full Year Results
Medium/Long Term Funding
Continued presence in debt markets
2022 MLT regulatory issuance plan completed:
€18.9bn issued¹, of which:
Capital instruments: €6.3bn²:
·
•
•
AT1: €4bn
$1.25bn, PerpNC5³, at 4.625% (sa, 30/360),
equiv. US 5Y Treasuries+320 bps
$2bn, PerpNC74, at 7.75% (sa, 30/360),
equiv. 5Y US Treasuries+490 bps
€1bn, PerpNC7.255, at 6.875% (sa, Act/Act);
equiv. mid-swap€+464 bps
Tier 2: €2.3bn
SGD350m, 10NC56, at 3.125% (sa, Act/365);
equiv. 5Y mid-swap SORA-OIS+140 bps (mid-
swap€+123bps reoffer)
€1.5bn, 10NC56, at 2.5% (a, Act/Act);
equiv. mid-swap€+160 bps
•
SGD300m, 10NC56, at 5.25% (sa, Act/365);
equiv. 5Y mid-swap SORA-OIS+268 bps (mid-
swap€+247 bps reoffer)
•
2023 MLT regulatory issuance plan7 €18.5bn in which:
Capital instruments: €3.5bn7; AT1 €2.25bn already issued¹
$1bn (dealt in 2022, as pre-funding for the 2023 plan),
PerpNC5³, at 9.25% (sa, 30/360); equiv. 5Y US Treasuries+497
bps
€1.25bn, PerpNC7.48, at 7.375% (sa, Act/Act); equiv. mid-
swap€+463 bps
Senior Debt: €15bn7
Non-Preferred: €2.1bn already issued¹
£850m, 9.4Y bullet, UK Gilt+215 bps
€1bn, 6NC5⁹, << Green », mid-swap€+145 bps
Preferred: €3.3bn already issued¹
€1.25bn, 8NC710, mid-swap€+92 bps
•
CHF335m, 5Y bullet, CHF mid-swap+75 bps
Non Prefered Senior (NPS): €12.6bn
No additional public issuances in Q4 2022
•
$1.75bn, 6NC59, US Treasuries+145 bps
Secured Debt:
Covered bonds: €3.5bn7; €1bn already issued¹
€1bn, 7Y bullet mid-swap€+22 bps
Securitization: €3.1bn7
~41% of the regulatory issuance plan realised as of January 26th 2023
1. € valuation based on historical FX rates for cross-currency swapped issuances and on December 31st 2022 for others; 2. Excluding $1.00bn AT1 PerpNC5 issued in November 2022 as pre-funding for the 2023 plan; 3. Perpetual, callable on
year 5, and every 5 year thereafter; 4. Perpetual, callable on year 7, and every 5 year thereafter; 5. Perpetual, callable on year 7.25, and every 5 year thereafter; 6. 10-year maturity callable on year 5 only; 7. Subject to market conditions, indicative
amounts; 8. Perpetual, callable on year 7.40, and every 5 year thereafter; 9. 6-year maturity callable on year 5 only; 10. 8-year maturity callable on year 7 only.
BNP PARIBAS
The bank for a changing world
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