Obligation BNP Paribas SA 4.625% ( US05581KAC53 ) en USD

BNP Paribas SA

98.839 % ▼

France

US05581KAC53 ( en USD )

4.625% par an ( paiement semestriel )

12/03/2027

Prospectus brochure de l'obligation BNP Paribas US05581KAC53 en USD 4.625%, échéance 12/03/2027

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05581KAC5

BBB+ ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

13/09/2025 ( Dans 113 jours )

BNP Paribas est une banque internationale française, l'une des plus grandes d'Europe, offrant une large gamme de services financiers aux particuliers, entreprises et institutions.

L'obligation BNP Paribas (US05581KAC53, CUSIP 05581KAC5), émise en France, affiche un prix actuel de 99,126% de sa valeur nominale en USD, offre un taux d'intérêt de 4,625% avec des paiements semestriels jusqu'à sa maturité le 12 mars 2027, et bénéficie de notations BBB+ (S&P) et Baa2 (Moody's).

PRICING SUPPLEMENT (To supplement no. 2 to base prospectus dated February 21, 2017, supplement no. 1 to base prospectus dated December 9, 2016,
prospectus supplement dated May 4, 2016, product supplement dated June 5, 2015 and base prospectus dated May 13, 2015).

U.S.$1,250,000,000 Fixed Rate Tier 2 Subordinated Notes Due March 13, 2027

March 6, 2017

This Pricing Supplement should be read together with the accompanying product supplement dated June 5, 2015 ("Product Supplement"), supplement no. 2 to the Base
Prospectus (as defined below) dated February 21, 2017 ("Supplement No. 2"), supplement no. 1 to the Base Prospectus dated December 9, 2016 ("Supplement No. 1"),
prospectus supplement dated May 4, 2016 ("Prospectus Supplement") and base prospectus dated May 13, 2015 ("Base Prospectus", and together with the Product
Supplement, Supplement No. 2, Supplement No. 1 and Prospectus Supplement, the "Base Documents") and the documents incorporated by reference therein. Terms
used in this Pricing Supplement are described or defined in the Base Documents. The Subordinated Notes will have terms described in the Base Documents, as
supplemented by this Pricing Supplement. If the terms described in this Pricing Supplement are different or inconsistent with those described in the Base Documents,
the terms described in this Pricing Supplement will supersede. Before you decide to invest we urge you to read this Pricing Supplement together with the Base
Documents, which can be accessed via the following uniform resource locator: http://eqdpo.bnpparibas.com/USMTNPD.
Issuer: BNP Paribas
Regular Record Dates: With respect to each Interest Payment Date, the date that
Issuer Rating: A1, stable/A, stable/A+, stable/AA Low, stable*
is one Business Day prior to such Interest Payment Date, whether or not that
Expected Rating of the Subordinated Notes: Baa2/BBB+/A/A High**
Interest Payment Date is a Business Day; provided that for an Interest Payment
Principal Amount: $1,250,000,000.
Date that is also the Maturity Date, the interest payable on that Interest Payment
Issue Price: 99.905% or $1,248,812,500.
Date will be payable to the person to whom the principal is payable.
Net Proceeds: 99.480% or $1,243,500,000.
Statutory Write-Down or Conversion: By its acquisition of the Subordinated
Pricing Date: March 6, 2017.
Notes, each Noteholder (which includes any current or future holder of a beneficial
Issue Date: March 13, 2017.
interest in the Notes) acknowledges, accepts, consents and agrees to be bound by
Maturity Date: March 13, 2027.
the effect of the exercise of the Bail-In or Loss Absorption Power by a Relevant
Redemption Amount: 100% of the Principal Amount of the Subordinated Resolution Authority.
Notes, plus accrued interest thereon.
Business Day Convention: Following.
Redemption: The Issuer may at any time redeem the Subordinated Notes in Day Count Fraction: 30/360, Unadjusted.
whole at their final redemption amount, together with accrued interest, upon Business Day: New York.
the occurrence of a Capital Event, Tax Deduction Event, Withholding Tax Lead Manager: BNP Paribas Securities Corp.
Event or Gross-Up Event (subject to Condition 5(m) (Conditions to redemption Senior Co-Lead Managers:
of Subordinated Notes prior to Maturity Date) of the Supplement No. 1).
Barclays Capital Inc.
Call Option: None.
Credit Suisse Securities (USA) LLC
Status: Subordinated. See "Additional Information" below.
HSBC Securities (USA) Inc.
Waiver of Set-Off: No Noteholder may at any time exercise or claim (and RBS Securities Inc.
shall be deemed to have waived) any Set-Off Rights against any right, claim, or Standard Chartered Bank
liability the Issuer has or may have or acquire against such Noteholder, directly TD Securities (USA) LLC
or indirectly, howsoever arising.
Co-Lead Managers:
Type of Notes: Fixed Rate.
Banco Bradesco BBI S.A.
Type of Security: Tier 2 Subordinated Notes.
BB Securities Ltd.
Rate of Interest: 4.625%.
Citigroup Global Markets Inc.
Benchmark: 2.250% U.S. Treasury due February 15, 2027.
Desjardins Securities Inc.
Issue Yield: 4.637% per annum.
National Bank of Canada Financial Inc.
Issue Spread to Pricing Benchmark: 2.15%.
Scotia Capital (USA) Inc.
Interest Payment Date(s): March 13 and September 13 of each year, Calculation Agent: BNP Paribas Securities Corp.
commencing on September 13, 2017, and ending on the Maturity Date.
Denominations: $200,000 and integral multiples of U.S. $1,000 in excess thereof.
Interest Calculation Period: The Interest Amount, if any, will be payable CUSIP: 144A: 05581KAC5; Reg S: 05581LAC3
semi-annually in arrears on each Interest Payment Date. The first Interest ISIN: 144A: US05581KAC53; Reg S: US05581LAC37
Calculation Period will begin on, and include March 13, 2017, and end on, but Series: 2478
exclude, the first Interest Payment Date. Subsequent Interest Calculation
* "A1, stable" by Moody's Investors Service Ltd, "A, stable" by Standard and Poor's Ratings Group, "A+, stable" by Fitch Ratings and "AA Low, stable" by DBRS.
** "Baa2" by Moody's Investors Service Ltd, "BBB+" by Standard and Poor's Ratings Group, "A" by Fitch Ratings and "A High" by DBRS.
A rating (1) is subject to downward revision, suspension or withdrawal at any time by the assigning rating organization, (2) does not take into account market risk or
the performance-related risks of the investment, and (3) is not a recommendation to buy, sell or hold securities.
Certain Senior Co-Lead Managers and Co-Lead Managers may not be U.S. registered broker-dealers and therefore may not make sales of any notes in the United
States or to U.S. persons except in compliance with applicable U.S. laws and regulations. To the extent that any such Senior Co-Lead Manager or Co-Lead Manager
intends to effect sales of the Subordinated Notes in the United States, they will do so only through one or more U.S. registered broker-dealers or otherwise as
permitted by applicable U.S. law.
________________________________________________

The Issuer has not been registered under the Investment Company Act of 1940, as amended, and the Subordinated Notes have not been, and will
not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or the state securities laws of any state of the United States or the
securities laws of any other jurisdiction and are being offered only to qualified institutional buyers ("QIBs"), within the meaning of Rule 144A, pursuant to
the registration exemption under Rule 144A and outside the United States to non-"U.S. persons" in "offshore transactions" (as such terms are defined in
Rule 902 under the Securities Act) pursuant to Regulation S under the Securities Act.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the
Subordinated Notes or determined that this Pricing Supplement is truthful or complete. Any representation to the contrary is a criminal offense. Under no
circumstances shall this Pricing Supplement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these Notes, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

The Subordinated Notes constitute unconditional liabilities of the Issuer. The Subordinated Notes are not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other governmental agency or instrumentality.
__________________________
BNP PARIBAS

ADDITIONAL INFORMATION

You should read this Pricing Supplement together with the Base Documents.

This Pricing Supplement, together with the Base Documents, contains the terms of the Subordinated Notes
and supersedes all prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample
structures, brochures or other educational materials of ours. You should carefully consider, among other things, the
matters set forth in "Risk Factors" in the Base Documents (including, in particular, the Risk Factors included under
the heading "Risk Factors" in the Base Prospectus, the Risk Factors included under the heading "Risk Factors" of
the Prospectus Supplement, the Risk Factors included under the heading "Risk Factors" in the Supplement No. 1,
the Risk Factors included under the heading "Risk Factors" in the Supplement No. 2 and the Risk Factors included
under the heading "Risks Relating to All Notes" in the Product Supplement).

An investment in the Subordinated Notes entails significant risks relating to the Subordinated Notes not
associated with similar investments in a conventional debt security, including those described below. You should
read the following information about these risks, together with the other information in this Pricing Supplement,
before investing in the Subordinated Notes. We urge you to consult your investment, legal, tax, accounting and other
advisors before you invest in the Subordinated Notes.

Status of the Subordinated Notes

Ranking of Subordinated Notes as long as Existing Subordinated Notes (as defined in the Prospectus Supplement)
are outstanding. For so long as any Existing Subordinated Note is outstanding, the Subordinated Notes will
constitute direct, unconditional, unsecured and subordinated obligations of the Issuer and will rank pari passu
among themselves and pari passu with all other present and future, direct, unconditional, unsecured and ordinary
subordinated indebtedness of the Issuer. Subject to applicable law, in the event of the voluntary liquidation of the
Issuer, bankruptcy proceedings, or any other similar proceedings affecting the Issuer, the rights to payment of the
holders of the Subordinated Notes will be subordinated to the full payment of the unsubordinated creditors
(including depositors) of the Issuer but, subject to such payment in full, such holders of the Subordinated Notes will
be paid in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any
Undated Deeply Subordinated Notes (as defined in the Prospectus Supplement) (obligations dites "super
subordonnées" i.e. engagements subordonnés de dernier rang) issued by the Issuer. The Subordinated Notes are
issued pursuant to the provisions of Article L. 228-97 of the French Commerce Code.
Ranking of Subordinated Notes once no Existing Subordinated Notes are outstanding. Upon redemption or
repurchase and cancellation of all of the Existing Subordinated Notes in whole, the Subordinated Notes will
constitute direct, unconditional, unsecured and subordinated obligations of the Issuer and will rank pari passu
among themselves and pari passu with (a) any obligations or instruments of the Issuer which constitute Tier 2
Capital (as defined in the Prospectus Supplement); and (b) any other obligations or instruments of the Issuer that
rank or are expressed to rank equally with the Subordinated Notes. Subject to applicable law, in the event of the
voluntary liquidation of the Issuer, bankruptcy proceedings, or any other similar proceedings affecting the Issuer, the
rights to payment of a holder of the Subordinated Notes will be (a) subordinated to the full payment of (i) the
unsubordinated creditors of the Issuer and (ii) the Eligible Creditors (as defined in the Prospectus Supplement) of the
Issuer; and (b) paid in priority to any prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer
and any deeply subordinated obligations of the Issuer (obligations dites "super subordonnées" i.e. engagements
subordonnés de dernier rang). The Subordinated Notes of the Issuer are issued pursuant to the provisions of Article
L. 228-97 of the French Commerce Code.