Third Quarter 2022 Results
Medium/Long Term Regulatory Funding
Continued presence in debt markets
2022 MLT regulatory issuance plan¹: ~€ 20.5bn
Capital instruments: ~€5.5bn; €6.6bn already issued² of which
the following main benchmark trades:
AT1:
⚫$1.25bn priced on 05.01.22, PerpNC5³,
at 4.625% (sa, 30/360); equiv. 5Y US Treasuries+320 bps
• $2bn priced on 08.08.22, PerpNC74,
•
at 7.75% (sa, 30/360); equiv. 5Y US Treasuries+490 bps
€ 1bn priced on 30.08.22, PerpNC7.255,
at 6.875% (sa, Act/Act); equiv. mid-swap€+464 bps
•
Non Preferred Senior debt: ~ €15bn; €12.7bn already issued²
of which the following main benchmark trades:
•
•
•
•
•
€1.5bn priced on 04.01.22, 8.5NC7.57, at mid-swap€+83 bps
CHF220m priced on 06.01.22, 6NC58, at CHF mid-swap+68 bps
Dual tranche priced on 12.01.22:
$1.75bn, 6NC58, at US Treasuries+110 bps
$1.25bn, 11NC109, at US Treasuries+140 bps
A$525m priced on 17.02.22, dual tranche fixed rate and floating
rate notes, 6NC58, at 3M BBSW+150 bps
£450m priced on 17.02.22, 7Y bullet, at UK Gilt+155 bps
€1.5bn priced on 31.03.22, 10Y bullet, at mid-swap€+90 bps
€1.5bn priced on 18.05.22, 6.2NC5.210, at mid-swap€+137 bps
€1.5bn priced on 25.08.22, 7Y bullet, at mid-swap€+160 bps
Tier 2:
SGD350m priced on 15.02.22, 10NC56, at 3.125% (sa,
Act/365); equiv. 5Y mid-swap SORA-OIS+140 bps
• €1.5bn priced on 25.03.22, 10NC56, 2.5% (a, Act/Act), equiv.
mid-swap€+160 bps
⚫SGD300m priced on 04.07.22, 10NC56, at 5.25% (sa,
Act/365); equiv. 5Y mid-swap SORA-OIS+275 bps
•
CHF200m priced on 30.08.22, 7Y bullet, at CHF mid-swap+140bps
Around 97% of the regulatory issuance plan realised as of 20 October 2022
1. Subject to market conditions, indicative amounts; 2. As of 20 October 2022, € valuation based on historical FX rates for cross-currency swapped issuances and on 30 September 2022 for other issuances;
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. 8.5-year maturity callable on year 7.5 only; 8. 6-year maturity callable on year 5 only; 9. 11-year maturity callable on year 10 only; 10. 6.2-year maturity callable on year 5.2 only
BNP PARIBAS
The bank for a changing world
Third quarter 2022 results | 84View entire presentation