Obligation BNP Paribas SA 4.375% ( US09659T2A84 ) en USD

BNP Paribas SA

95.3376 % ▼

France

US09659T2A84 ( en USD )

4.375% par an ( paiement semestriel )

28/02/2033

Prospectus brochure de l'obligation BNP Paribas US09659T2A84 en USD 4.375%, échéance 28/02/2033

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09659T2A8

BBB+ ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

01/03/2026 ( Dans 83 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 émise par BNP Paribas SA ( France ) , en USD, avec le code ISIN US09659T2A84, paye un coupon de 4.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/02/2033

L'Obligation émise par BNP Paribas SA ( France ) , en USD, avec le code ISIN US09659T2A84, a été notée Baa2 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par BNP Paribas SA ( France ) , en USD, avec le code ISIN US09659T2A84, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

PRICING SUPPLEMENT (To product supplement dated May 10, 2017 and base prospectus dated May 5, 2017 as supplemented by prospectus supplement No. 1
dated August 2, 2017, prospectus supplement No. 2 dated November 3, 2017 and prospectus supplement No. 3 dated February 20, 2018)

U.S.$1,250,000,000 Fixed Rate Resettable Tier 2 Subordinated Notes Due March 1, 2033

February 22, 2018

This Pricing Supplement should be read together with the accompanying product supplement dated May 10, 2017 ("Product Supplement"), and base prospectus dated
May 5, 2017 as supplemented by prospectus supplement No. 1 dated August 2, 2017, prospectus supplement No. 2 dated November 3, 2017 and prospectus supplement
No. 3 dated February 20, 2018 (together, the "Base Prospectus", and together with the Product 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.
Issuer: BNP Paribas
Relevant Screen Page: Bloomberg USSW
Expected Rating of the Subordinated Notes: Baa2/BBB+/A/A*
Mid-Swap Rate: 5-year US dollar mid-swap rate
Principal Amount: $1,250,000,000.
Mid-Swap Maturity: 5 years
Issue Price: 99.679%.
Reset Determination Date: The day falling two (2) U.S Government Securities
Pricing Date: February 22, 2018.
Business Days prior to the Reset Date
Issue Date: March 1, 2018.
U.S. Government Securities Business Day: Any day except for a Saturday, Sunday
Maturity Date: March 1, 2033.
or a day on which the U.S. Securities Industry and Financial Markets Association (or
Redemption Amount: 100% of the Principal Amount of the Subordinated any successor thereto) recommends that the fixed income departments of its members
Notes, plus accrued interest thereon.
be closed for the entire day for purposes of trading in U.S. government securities.
Redemption: The Issuer may at any time redeem the Subordinated Notes in Relevant Time: 11 a.m. New York City Time
whole at their final redemption amount, together with accrued interest, upon Benchmark Yield and Note: 2.915%, U.S. Treasury 2.750% due February 15, 2028.
the occurrence of a Capital Event, Tax Deduction Event, Withholding Tax Issue Yield: 4.415% per annum.
Event or Gross-Up Event (subject to Condition 5(m) (Conditions to Issue Spread to Pricing Benchmark: 1.500%.
redemption of Subordinated Notes prior to the Maturity Date)).
Interest Payment Date(s): September 1 and March 1 of each year, commencing on
Call Option: Issuer Call. The Issuer may, on the Reset Date, redeem all or September 1, 2018, and ending on the Maturity Date.
some of the Subordinated Notes then outstanding, at their final redemption Interest Calculation Period: The Interest Amount, if any, will be payable semi-
amount, together with accrued interest (subject to the conditions set forth in annually in arrears on each Interest Payment Date. The first Interest Calculation
Condition 5(m) (Conditions to redemption of Subordinated Notes prior to Period will begin on, and include, the Issue Date and end on, but exclude, the first
the Maturity Date) including but not limited to prior written consent of the Interest Payment Date. Subsequent Interest Calculation Periods will begin on, and
Relevant Regulator).
include, the most recent Interest Payment Date and end on, but exclude, the next
Status: Subordinated. See "Additional Information" below.
succeeding Interest Payment Date.
Waiver of Set-Off: No Noteholder may at any time exercise or claim (and Regular Record Dates: With respect to each Interest Payment Date, the date that is
shall be deemed to have waived) any Waived Set-Off Rights against any one Business Day prior to such Interest Payment Date, whether or not that Interest
right, claim, or liability the Issuer has or may have or acquire against such Payment Date is a Business Day; provided that for an Interest Payment Date that is
Noteholder, directly or indirectly, howsoever arising.
also the Maturity Date, the interest payable on that Interest Payment Date will be
No Events of Default: The terms of the Notes do not include events of payable to the person to whom the principal is payable.
default. However Noteholders may, upon written notice to the Fiscal and Statutory Write-Down or Conversion: By its acquisition of the Subordinated
Paying Agent, cause the Notes to become due and payable, together with Notes, each Noteholder (which includes any current or future holder of a beneficial
accrued interest thereon, as of the date on which said notice is received by interest in the Notes) acknowledges, accepts, consents and agrees to be bound by the
the Fiscal and Paying Agent, in the event that an order is made or an effect of the exercise of the Bail-In or Loss Absorption Power by a Relevant
effective decision is passed for the liquidation (liquidation amiable ou Resolution Authority.
liquidation judiciaire) of the Issuer.
Business Day Convention: Following.
Type of Notes: Resettable Fixed Rate Notes.
Day Count Fraction: 30/360, Unadjusted.
Type of Security: Tier 2 Subordinated Notes.
Business Day: New York and TARGET 2. TARGET2 refers to the Trans-European
Interest Rate: Initial Rate of Interest from (and including) the interest Automated Real-Time Gross Settlement Express Transfer System
commencement date to (but excluding) the Reset Date; thereafter from (and Lead Manager: BNP Paribas Securities Corp.
including) the Reset Date to (but excluding) the Maturity Date, a fixed rate Senior Co-Lead Managers: ING Financial Markets LLC, Santander Investment
based on the then-prevailing Mid-Swap Rate + Margin.
Securities Inc., Standard Chartered Bank and UniCredit Capital Markets LLC.
Initial Rate of Interest: 4.375%
Co-Lead Managers: Banco Bradesco BBI S.A., Citigroup Global Markets Inc.,
Reset Date: March 1, 2028.
ICBC Standard Bank Plc, Lloyds Securities Inc., National Bank of Canada Financial
Margin: 1.483%
Inc., RBS Securities Inc. (marketing name "NatWest Markets"), Scotia Capital

(USA) Inc. and TD Securities (USA) LLC.
Calculation Agent: BNP Paribas Securities Corp.
Denominations: $200,000 and integral multiples of U.S. $1,000 in excess thereof.
CUSIP: 144A: 09659T2A8; Reg S: 09660V2A0.
ISIN: 144A: US09659T2A84; Reg S: US09660V2A05.
Series: 2940.
For purposes of the Base Documents, the terms "Reset Date" and "Margin" as used herein refer to the terms "First Reset Date" and "First Margin", respectively.
* "Baa2" by Moody's Investors Service Ltd, "BBB+" by Standard and Poor's Ratings Group, "A" by Fitch Ratings and "A" 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 and Co-Lead Manager
intends to effect sales of the Subordinated Notes in the United States, it will do so only through one or more U.S. registered broker-dealers or otherwise as permitted
by applicable U.S. law.

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ICBC Standard Bank Plc is restricted in its U.S. securities dealings under the United States Bank Holding Company Act and may not underwrite, subscribe, agree to
purchase or procure purchasers to purchase notes that are offered or sold in the United States. Accordingly, ICBC Standard Bank Plc shall not be obligated to, and
shall not, underwrite, subscribe, agree to purchase or procure purchasers to purchase notes that may be offered or sold by other underwriters in the United States.
ICBC Standard Bank Plc shall offer and sell the Securities constituting part of its allotment solely outside the United States.
________________________________________________

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 shal this Pricing Supplement constitute an offer to sell or a solicitation of an offer to buy, nor shal 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.
It is expected that delivery of the Subordinated Notes will be delivered against payment therefor on or about March 1, 2018, which will be the
fifth business day fol owing the date of pricing of the Subordinated Notes (such settlement cycle being referred to herein as "T+5"). Under Rule 15c6-1
under the Securities Exchange Act of 1934, as amended, trades in the secondary market general y are required to settle in two business days unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Subordinated Notes on the date of pricing wil be
required, by virtue of the fact that the Subordinated Notes initial y wil settle in T+5, to specify an alternate settlement cycle at the time of any such trade to
prevent a failed settlement. Purchasers of the Notes who wish to trade those Notes on the date of pricing or the next two business days should consult their
own advisor. The Subordinated Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (i ) a customer within the meaning of Directive 2002/92/EC (as amended, the
"Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii)
not a qualified investor as defined in the Prospectus Directive. Consequently no key information document, if required by Regulation (EU) No 1286/2014
(the "PRIIPs Regulation"), as amended, for offering or sel ing the Subordinated Notes or otherwise making them available to retail investors in the EEA, has
been or will be prepared.
MIFID II product governance / Professional investors and ECPs only target market Solely for the purposes of the manufacturer's product
approval process, the target market assessment in respect of the Subordinated Notes has led to the conclusion that: (i) the target market for the
Subordinated Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (i ) al channels for distribution of the
Subordinated Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the
Subordinated Notes (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID
II is responsible for undertaking its own target market assessment in respect of the Subordinated Notes (by either adopting or refining the manufacturer's
target market assessment) and determining appropriate distribution channels.
__________________________
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 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 Base Prospectus) are
outstanding. For so long as any Existing Subordinated Note is outstanding, the Subordinated Notes will constitute
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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 Base Prospectus) (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 Base Prospectus); 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 Base Prospectus) 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.
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