NEW ISSUE ANNOUNCEDBOND COMPLEXITY : HIGH
BNP Perpetual Corp (SGD)
BNP Paribas SA
Price Guidance
4.500% Area
Tenure
Perpetual
Min. Investment (Nominal)
SGD 250,000
Credit Rating (Bond)
BBB
Investment Grade
Capital Structure
Additional Tier 1
Investor Profile
Stable Income Seeker
Bond Information
Bond Issuer
BNP Paribas SA
Guarantor
-
Annual Coupon Frequency
Semi Annually
Issue Date
31 Aug 2026
Maturity Date
31 Aug 2165
Years To Maturity
139.111
Coupon Type
Variable
Issue Size
SGD Benchmark
Seniority
Junior Subordinated
Exchange Listed
Others
Reference Rate
Reset Date: 1 September 2031 and every 5 years thereafter
Reset Rate: Applicable 5 Year SORA - OIS Rate + Initial Margin [TBD]
Bond Currency
SGD
Minimum Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Registration
Wholesale
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
*** / AA-
Bond Credit Rating (S&P/ Fitch)
*** / BBB
Shariah Compliant
No
W-8BEN Declaration needed 
No
waveHandIcon

Note

For Institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore (the “SFA”)) pursuant to Section 274 of the SFA or an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018.

Bond Feature(s)
Additional Tier 1

Bail-In

Contractual Loss Absorption Mechanism

The Notes are either subject to a Write-Down (the “Write-Down Notes”) or a Conversion (the “Convertible Notes”) following a Trigger Event, as specified in the applicable pricing supplement.

Write-Down and Reinstatement of Write-Down Notes

If a Trigger Event occurs, the Prevailing Outstanding Amount of the Write-Down Notes will be written down up to the lower of (i) the amount necessary to restore the Group CET1 Ratio to 5.125%, taking into account the pro rata write-down or, as the case may be, conversion into equity, of the prevailing outstanding amount of all Other Loss Absorbing Instruments (if any) to be written down or converted concurrently (or substantially concurrently) with the Write-Down Notes and (ii) the amount that would reduce the Prevailing Outstanding Amount of each Write-Down Note to one cent of the Specified Currency (all as defined in Condition 1 (Definitions and Interpretation)). Holders of the Write-Down Notes may lose some or all of their investment as a result of a Write-Down.

Other Loss Absorbing Instruments that may be written down or converted into equity in full, but not in part only, shall be treated for the purposes of determining the relevant pro rata amounts to be taken into account in the determination of the relevant write-down amount as if their terms permitted partial write-down or conversion into equity, such that the write-down and/or conversion of such Other Loss Absorbing Instruments shall be deemed to occur in two concurrent stages: (i) firstly, the principal amount of such Other Loss Absorbing Instruments shall be written down and/or converted pro rata with the Write-Down Notes and all Other Loss Absorbing Instruments to the extent necessary to restore the Group CET1 Ratio to 5.125% and (ii) secondly, the balance (if any) of the principal amount of such Other Loss Absorbing Instruments shall be written off and/or converted, as the case may be, with the effect of increasing the Group CET1 Ratio equal to or above 5.125%.

Following such reduction, some or all of the principal amount of the Write-Down Notes may, at the Issuer’s discretion, be reinstated, up to the Original Principal Amount, if certain conditions are met.

Conversion of Convertible Notes

If a Trigger Event occurs, the Convertible Notes shall be converted, in whole and not in part, into new fully paid ordinary shares of the Issuer (the “Conversion Shares”), based on a conversion ratio (based on the current market price of the Issuer’s ordinary shares, subject to a maximum conversion ratio specified in the applicable pricing supplement), in accordance with the Conditions. Any notice of redemption, substitution or variation will be automatically rescinded upon the occurrence of a Trigger Event.

The Issuer will deliver the Conversion Shares to the Conversion Shares Depository (or another relevant recipient, as applicable) (such delivery being the “Conversion”), which shall hold the Conversion Shares on behalf of the Holders of Convertible Notes. The Conversion shall occur without delay upon the occurrence of a Trigger Event, and in any event not later than one month (or such shorter period as the Relevant Regulator may require) following the occurrence thereof.

The Conversion shall constitute an irrevocable and automatic discharge of all of the Issuer’s obligations to the Holders under the Convertible Notes, and under no circumstances shall such discharged obligations be reinstated. Holders of Convertible Notes shall have recourse only to the Issuer for the Conversion. After such Conversion, Holders of Convertible Notes shall have recourse only to the Conversion Shares Depository (or another relevant recipient, as applicable) for the delivery to them of Conversion Shares.
Cancellation of Interest

The Issuer may elect, at its full discretion, to cancel (in whole or in part) the payment of interest otherwise scheduled to be paid on any interest payment date. Such election by the Issuer may be made notwithstanding that the Issuer has Distributable Items (considered to be equivalent to distributable retained earnings) or that the Maximum Distributable Amount (as described below) is greater than zero.

Additionally, the Issuer will cancel (in whole or in part) the payment of interest otherwise scheduled to be paid on any interest payment date if the Relevant Regulator, based on its assessment of the Issuer’s financial and solvency situation and in accordance with the Relevant Rules, notifies the Issuer that it has determined that such payment of interest should be cancelled.

In any case, the maximum payment of interest in respect of any interest payment date will not exceed an amount that: (a) when aggregated together with any interest payment or distributions which have been paid or made or which are required to be paid or made on other own funds items in the then current financial year (excluding any such interest payments on Tier 2 Capital instruments and/or which have already been provided for, by way of deduction, in the calculation of Distributable Items), is higher than the amount of Distributable Items (if any) then available to the Issuer; and

(b) when aggregated together with other distributions or payments of the kind referred to in Article L.511-41-1 A X of the French Monetary and Financial Code (Code monétaire et financier) (implementing Article 141(2) of the CRD) (which includes dividends, payments, distributions, and write-up amounts on all Tier 1 instruments (including the Notes and other Additional Tier 1 Capital instruments), and certain bonuses paid to employees), or in provisions of the Relevant Rules relating to other limitations on distributions or payments, would cause any Maximum Distributable Amount then applicable to be exceeded (to the extent any limitations are then applicable).

Non-cumulative Interest Amounts

Interest Amounts on the Notes will be non-cumulative. Accordingly, if any Interest Amounts (or part thereof) is not paid in respect of the Notes as a result of any election of the Issuer to cancel such Interest Amount pursuant to Condition 4.9.1 or of the limitations on payment set out in Condition 4.9.2 above, then (x) the right of the Noteholders to receive the relevant Interest Amount (or part thereof) in respect of the relevant Interest Period will be extinguished and the Issuer will have no obligation to pay such Interest Amount (or part thereof) accrued for such Interest Period or to pay any interest thereon and (y) it shall not constitute an event of default in respect of the Notes or a breach of the Issuer’s obligations or duties or a failure to perform by the Issuer in any manner whatsoever, and it shall not entitle Noteholders to petition for the insolvency or dissolution of the Issuer.
Optional Redemption

The Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) on any Optional Redemption Date at the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Condition 7.12 (Redemption Amounts)), subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Event Supersedes Redemption, Substitution and Variation).

Issuer Optional Redemption: On any Reset Date, at the Notes’ outstanding principal amount, together with any unpaid and uncancelled accrued interest.

Reset Dates: 1 September 2031
Statutory Write-Down or Conversion

Acknowledgment

By its acquisition of the Notes, each Noteholder (which, for the purposes of this Condition 17, includes any current or future holder of a beneficial interest in the Notes) acknowledges, accepts, consents and agrees:

(a) to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof:

(i) the reduction of all, or a portion, of the Amounts Due;

(ii) the conversion of all, or a portion, of the Amounts Due into shares, other securities or other obligations of the Issuer or another
person (and the issue to the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes, in which case the Noteholder agrees to accept in lieu of its rights under the Notes any such shares, other securities or other obligations of the Issuer or another person;
(iii) the cancellation of the Notes; and/or
iv) the amendment or alteration of the maturity of the Notes or amendment of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period;

(b) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Bail-in or Loss Absorption Power by the Relevant Resolution Authority

Trigger Event: A Trigger Event shall occur if, at any time, the Group CET1 Ratio on a consolidated basis is less than 5.125%.

Optional Redemption upon Capital Event

Upon the occurrence of a Capital Event, the Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) at any time specified in the notice of redemption at the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Condition 7.12 (Redemption Amounts)), subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Event Supersedes Redemption, Substitution and Variation).

Optional Redemption upon MREL/TLAC Disqualification Event

Upon the occurrence of a MREL/TLAC Disqualification Event, the Issuer may, at its option, redeem the then outstanding Notes in whole (but not in part) at any time specified in the notice of redemption at the Redemption Amount, together with any unpaid and uncancelled accrued interest (in accordance with Condition 7.12 (Redemption Amounts)), subject to Condition 7.8 (Conditions to Redemption or Purchase) and Condition 7.11 (Trigger Event Supersedes Redemption, Substitution and Variation).

“Capital Event” means the determination by the Issuer, that as a result of a change in the Relevant Rules becoming effective on or after the issue date of the Notes (taking into account the issue date of any Additional Notes), which change was not reasonably foreseeable by the Issuer as at the issue date of the Notes (taking into account the issue date of any Additional Notes), it is likely that all or part of the aggregate outstanding principal amount of the Notes will be excluded from the own funds of the Group or reclassified as a lower quality form of own funds of the Group, provided that such exclusion is not as a result of any applicable limits on the amount of Additional Tier 1 Capital contained in Tier 1 Capital in accordance with the Relevant Rules.
Related Documents
pdfIcon
Prospectus
Global Additional Tier 1 Notes Program. Base Prospectus dated May 13, 2026.
FSM's Fees
For more information, please refer to the Pricing Structure
For each Buy & Sell Order (Retail^, Wholesale, Bond Express)
Processing Fee
0.35% / Min. SGD 10*
Platform Fee
0.05% per quarter
Other Charges
Goods & Services Tax (GST)
9% (GST is applicable to Singaporean residents on FSM’s fee)
Order Processing Time
Buy Wholesale Bonds / SGS Bonds / Retail (All payment type)
Generally T+2 business days upon payment clearance
Sell Wholesale Bonds / SGS Bonds / Retail Bonds
Generally T+2 business days (Redemption proceeds will be credited on next day)
waveHandIcon

Remark

  1. *Processing fee is subjected to a minimum of SGD 10 (or in its equivalent currency).
  2. ^ For the purchase of the Retail Bonds, FSM Global will be absorbing SGX related Charges, till further notice.
  3. T = Transaction Date
    The Order processing time refers to the order completion and reflected in your account.
    ^The Purchase date will be based on T date

Platform Charge
  1. For the purpose of benefiting from lower rates based on higher investment holding tiers, the effective platform fee rate is based on the total combined holdings of all FSM accounts under main account holder (including beneficiary accounts), while Stock / ETF / Cash Account holdings are excluded from the combined holdings amount.
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.

Note
  1. All fees and commission quoted are exclusive of Goods and Services Tax (GST).
  2. Platform fee is charged for funds / bonds investments (excluding CPF holdings). The fee is accrued daily, calculated based on the daily average market value of the total Assets Under Administration (AUA) and deducted on a quarterly basis.
  3. All orders submitted will be an indication of interest (IOI).

Closing Date: 25 Aug 2026 9:30:00 AM
Tools
Bond Selector
Recommended Bonds
Yield Curve
Index Data