FINAL TERMS FOR CERTIFICATES
FINAL TERMS DATED 29 APRIL 2024
BNP Paribas Issuance B.V.
(incorporated in The Netherlands)
(as Issuer)
Legal entity identifier (LEI): 7245009UXRIGIRYOBR48
BNP Paribas
(incorporated in France)
(as Guarantor)
Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83
Issue of EUR 30,000,000 Underlying Interest Rate Securities due 23 June 2031
under the Note, Warrant and Certificate Programme
of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding
The Base Prospectus received approval no. 23-197 on 31 May 2023
Any person making or intending to make an offer of the Securities may only do so:
- in those Non-exempt Offer Jurisdictions mentioned in Paragraph 47 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or
- otherwise in circumstances in which no obligation arises for the Issuer, the Guarantor or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or to supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in each case, in relation to such offer.
None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances.
Investors should note that if a supplement to or an updated version of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such supplement or updated base prospectus, as the case may be, will be published and made available in accordance with the arrangements applied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be, (the "Publication Date") have the right within two working days of the Publication Date to withdraw their acceptances.
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Investors who, before the supplement is published, have already agreed to purchase or subscribe for the Securities which are the subject of the Non-exempt Offer, where the Securities have not yet been delivered to such investors, have the right, exercisable within the period of two working days after the publication of the supplement to withdraw their acceptances.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 31 May 2023, each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms (copies of which are available as described below) and any other Supplement to the Base Prospectus which may have been published and approved before the issue of any additional amount of Securities (the "Supplements") (provided that to the extent any such Supplement (i) is published and approved after the date of these Final Terms and (ii) provides for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which together constitutes a base prospectus for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation") (the "Base Prospectus"). This document constitutes the Final Terms of the Securities described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the Base Prospectus to obtain all the relevant information. A summary of the Securities is annexed to these Final Terms. The Base Prospectus and any Supplements to the Base Prospectus and these
Final Terms are available for viewing at https://rates- globalmarkets.bnpparibas.com/gm/Public/LegalDocs.aspx and copies may be obtained free of charge at the specified offices of the Security Agents.
References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such series of Securities, save as where otherwise expressly provided.
These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below. References herein to "Securities" shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to "Security" shall be construed accordingly.
SPECIFIC PROVISIONS FOR EACH SERIES
Series Number: | FICRT 15957 FR |
Tranche Number: | 1 |
Number of Securities issued: | 30,000 |
Number of Securities: | 30,000 |
ISIN: | FR001400POF7 |
Common Code: | 280918571 |
Issue Price per Security: | 100.00% of the Notional Amount |
Redemption Date: | 23 June 2031 |
Relevant Jurisdiction: | Not applicable |
Share Amount/Debt Security Amount: | Not applicable |
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Specified Securities pursuant to Section | No |
871(m): |
GENERAL PROVISIONS
The following terms apply to each series of Securities:
1. | Issuer: | BNP Paribas Issuance B.V. | ||||
2. | Guarantor: | BNP Paribas | ||||
3. | Trade Date: | 16 April 2024 | ||||
4. | Issue Date and Interest Commencement | 29 April 2024 | ||||
Date: | ||||||
5. | Consolidation: | Not applicable | ||||
6. | Type of Securities: | (a) | Certificates | |||
(b) | The Securities are Underlying | |||||
Interest Rate Securities. | ||||||
The provisions of Annex 11 (Additional Terms | ||||||
and Conditions for Underlying Interest Rate | ||||||
Securities) shall apply. | ||||||
7. | Form of Securities: | Dematerialised bearer form (au porteur) | ||||
8. | Business Day Centre(s): | The applicable Business Day Centre for the | ||||
purposes of the definition of "Business Day" in | ||||||
Condition 1 is a day upon which the T2 system | ||||||
is open | ||||||
9. | Settlement: | Settlement will be by way of cash payment | ||||
(Cash Settled Securities). | ||||||
10. | Rounding | Convention | for | Cash | Not applicable | |
Settlement Amount: |
11. Variation of Settlement:
Issuer's option to vary settlement: | The Issuer does not have the option to vary | |
settlement in respect of the Securities. | ||
12. | Final Payout | |
SPS Payouts | Vanilla Digital Securities | |
On the Redemption Date, if the Certificates |
have not been automatically early redeemed or purchased and cancelled by the Issuer prior to
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Payout Switch:
Aggregation:
- Relevant Asset(s):
- Entitlement:
- Exchange Rate / Conversion Rate:
- Settlement Currency:
- Syndication:
- Minimum Trading Size:
- Agent(s):
- Principal Security Agent:
- Security Agent(s):
- Registrar:
- Calculation Agent:
- Governing law:
- Masse provisions (Condition 9.4):
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the Redemption Valuation Date, the Issuer shall redeem each Certificate at the following Cash Settlement Amount:
- if a Knock-in Event has occurred: Constant Percentage 1 + Bonus Coupon; or
- if no Knock-in Event has occurred: Constant Percentage 2.
where:
Bonus Coupon means 45.50%;
Constant Percentage 1 means 100%; and
Constant Percentage 2 means 100%.
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable.
The settlement currency for the payment of the Cash Settlement Amount is Euro ("EUR").
The Securities will be distributed on a non- syndicated basis.
EUR 1,000
BNP Paribas Financial Markets S.N.C.
Not applicable
Not applicable
BNP Paribas
10 Harewood Avenue, London NW1 6AA
French law
Full Masse
Name and address of the Representative:
SELARL MCM AVOCAT | ||||
Contact : rmo@avocat-mcm.com | ||||
10, rue de Sèze, 75009 Paris, France | ||||
Tel: +33 1 53 43 36 00 | ||||
Fax: +33 1 53 43 36 01 | ||||
Name and address of the alternate | ||||
Representative: | ||||
Maître Philippe MAISONNEUVE | ||||
Avocat | ||||
10, rue de Sèze, 75009 Paris, France | ||||
Tel: +33 1 53 43 36 00 | ||||
Fax: +33 1 53 43 36 01 | ||||
The Representative will receive a remuneration | ||||
of EUR 275 per annum plus VAT | ||||
PRODUCT SPECIFIC PROVISIONS | ||||
24. | Hybrid Securities: | Not applicable | ||
25. | Index Securities: | Not applicable | ||
26. | Share Securities: | Not applicable | ||
27. | ETI Securities | Not applicable | ||
28. | Debt Securities: | Not applicable | ||
29. | Commodity Securities: | Not applicable | ||
30. | Inflation Index Securities: | Not applicable | ||
31. | Currency Securities: | Not applicable | ||
32. | Fund Securities: | Not applicable | ||
33. | Futures Securities: | Not applicable | ||
34. | Credit Security Provisions: | Not applicable | ||
35. | Underlying Interest Rate Securities: | Applicable | ||
(a) | Underlying | Interest | Determination | Each Automatic Early Redemption Valuation |
Date and the Redemption Valuation Date | ||||
Date(s): | ||||
(b) | Manner in which the Underlying Interest | Screen Rate Determination | ||
Rate is to be determined: | ||||
(A) Screen Rate Determination: | Applicable | |||
(a) | Underlying Reference | The EUR interest rate swap with a maturity of | ||
Rate: | 10 years which appears on the Relevant Screen | |||
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Page at the Specified Time on the relevant
Underlying Interest Determination Date
(b) | Specified Time: | 11:00 am, Frankfurt time |
- Relevant Screen Page: Reuters 'ICESWAP2' (or any successor page thereto)
(B) ISDA Determination | Not applicable | |
(c) Underlying Margin(s): | Not applicable | |
(d) Minimum Underlying Reference Rate: | Not applicable | |
(e) Maximum Underlying Reference Rate: | Not applicable | |
36. | Preference Share Certificates: | Not applicable |
37. | OET Certificates: | Not applicable |
38. Illegality (Security Condition 7.1) and Illegality: redemption in accordance with Security
Force Majeure (Security Condition 7.2): | Condition 7.1(d) | |||||
Force Majeure: redemption in accordance with | ||||||
Security Condition 7.2(b) | ||||||
39. | Additional Disruption Events | and | (a) | Additional | Disruption | Events: |
Optional Additional Disruption Events: | Applicable | |||||
(b) | The following | Optional | Additional | |||
Disruption Events apply to the | ||||||
Securities: | ||||||
Administrator/Benchmark Event | ||||||
(c) | Redemption: |
Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event: Not applicable
40. | Knock-in Event: | Applicable |
"less than or equal to"
(a) | SPS Knock-in Valuation: | Applicable |
Where:
Knock-inValue means the Underlying Reference
Value.
SPS Valuation Date means the Knock-in
Determination Day.
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Underlying Reference has the meaning given to such term in item 35(b)(A)(a) above.
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Underlying Reference Rate in respect of such day.
Underlying Reference Strike Price means 1. | |||
Underlying Reference Value means, in respect of an | |||
Underlying Reference and a SPS Valuation Date, (i) | |||
the Underlying Reference Closing Price Value for such | |||
Underlying Reference in respect of such SPS | |||
Valuation Date (ii) divided by the Underlying | |||
Reference Strike Price | |||
(b) | Level: | Not applicable | |
(c) | Knock-inLevel/Knock-in Range | Knock-in Level: 2.50% | |
Level/Knock-in | Bottom |
Level/Knock-in Top Level:
- Knock-inPeriod Beginning Date: Not applicable
(e) | Knock-in Period Beginning Date Not applicable |
Day Convention: |
- Knock-inDetermination Period: Not applicable
- Knock-inDetermination Day(s): The Redemption Valuation Date
(h) | Knock-in Period Ending Date: | Not applicable |
- Knock-inPeriod Ending Date Not applicable Day Convention:
(j) | Knock-in Valuation Time: | Not applicable | |
(k) | Knock-in Observation | Price Not applicable | |
Source: | |||
(l) | Disruption Consequences: | Not applicable | |
41. | Knock-out Event: | Not applicable |
42. EXERCISE, VALUATION AND REDEMPTION
- Notional Amount of each EUR 1,000 Certificate:
(b) | Partly Paid Certificates: | The Certificates are not Partly Paid Certificates |
(c) | Interest: | Not applicable |
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(d) | Fixed Rate Provisions: | Not applicable |
(e) | Floating Rate Provisions: | Not applicable |
(f) | Linked Interest Certificates: | Not applicable |
- Payment of Premium Amount(s): Not applicable
- Index Linked [Interest/Premium Not applicable Amount] Certificates:
- Share Linked [Interest/Premium Not applicable Amount] Certificates:
- ETI Linked [Interest/Premium Not applicable Amount] Certificates:
- Debt Linked [Interest/Premium Not applicable Amount] Certificates:
(l) | Commodity | Linked | Not applicable |
[Interest/Premium | Amount] | ||
Certificates: | |||
(m) | Inflation | Linked | Not applicable |
[Interest/Premium | Amount] | ||
Certificates: | |||
(n) | Currency | Linked | Not applicable |
[Interest/Premium | Amount] | ||
Certificates: |
- Fund Linked [Interest/Premium Not applicable Amount] Certificates:
(p) | Futures Linked [Interest/Premium | Not applicable | ||
Amount] Certificates: | ||||
(q) | Underlying Interest Rate Linked | Not applicable | ||
Interest Provisions: | ||||
(r) | Instalment Certificates: | The Certificates are not Instalment Certificates | ||
(s) | Issuer Call Option: | Not applicable | ||
(t) | Holder Put Option: | Not applicable | ||
(u) | Automatic Early Redemption: | Applicable | ||
(i) | Automatic | Early | Single Standard Automatic Early Redemption: the SPS | |
Redemption Event: | AER Value is less than or equal to the Automatic Early | |||
Redemption Level |
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(ii) | Automatic | Early | SPS Automatic Early Redemption Payout: | |
Redemption Payout: | ||||
NA x (100% + AER Exit Rate) | ||||
SPS AER Valuation is applicable | ||||
And where: | ||||
NA means EUR 1,000 | ||||
SPS AER Value means Underlying Reference Value | ||||
SPS Valuation Date means Automatic Early | ||||
Redemption Valuation Date | ||||
Underlying Reference means the Underlying | ||||
Reference Rate | ||||
Underlying Reference Closing Price Value means, in | ||||
respect of a SPS Valuation Date, the Underlying | ||||
Reference Rate in respect of such day. | ||||
Underlying Reference Strike Price means 1. | ||||
Underlying Reference Value means, in respect of an | ||||
Underlying Reference and a SPS Valuation Date, (i) | ||||
the Underlying Reference Closing Price Value for such | ||||
Underlying Reference in respect of such SPS | ||||
Valuation Date (ii) divided by the relevant Underlying | ||||
Reference Strike Price. | ||||
(iii) | Automatic | Early | 23 June 2025 (n=1), 22 June 2026 (n=2), 21 June 2027 | |
Redemption Date(s): | (n=3), 21 June 2028 (n=4), 21 June 2029 (n=5), and 21 | |||
June 2030 (n=6) | ||||
(iv) | Automatic | Early | 2.50 per cent. | |
Redemption Level: | ||||
(v) | Automatic | Early | Not applicable | |
Redemption Percentage: | ||||
(vi) | AER Rate: | n x 6.50% | ||
(vii) | AER Exit Rate: | AER Rate | ||
(viii) | Automatic | Early | 19 June 2025 (n=1), 18 June 2026 (n=2), 17 June 2027 | |
Redemption | Valuation | (n=3), 19 June 2028 (n=4), 19 June 2029 (n=5), and 19 | ||
Date(s)/Period(s): | June 2030 (n=6) | |||
(v) | Strike Date: | Not applicable |
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(w) | Strike Price: | Not applicable |
(x) | Redemption Valuation Date: | 19 June 2031 |
(y) | Averaging: | Not applicable |
(z) | Observation Dates: | Not applicable |
(aa) | Observation Period: | Not applicable |
(bb) | Settlement Business Day: | Not applicable |
(cc) | Cut-off Date: | Not applicable |
(dd) | Security Threshold on the Issue | Not applicable |
Date: |
- Identification information of Not applicable Holders as provided by Condition
29:
DISTRIBUTION AND US SALES ELIGIBILITY
- U.S. Selling Restrictions:
- Additional U.S. Federal income tax considerations:
- Registered broker/dealer:
- TEFRA C or TEFRA Not Applicable:
- Non-exemptOffer:
- Non-exemptOffer Jurisdictions:
- Offer Period:
- Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it:
Not applicable
The Securities are not Specified Securities for the purpose of Section 871(m) of the U.S. Internal Revenue Code of 1986
Not applicable
TEFRA Not Applicable
Applicable
France
From and including 29 April 2024 to and including 29 May 2024
None
(iv) General Consent: | Applicable |
- Other Authorised Offeror Terms: Not applicable
48. Prohibition of Sales to EEA and UK Investors:
- Prohibition of Sales to EEA Not applicable Retail Investors:
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BNP Paribas SA published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 10:25:22 UTC.