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BNP Paribas raised S$550mn via a 10NC5 Tier 2 bond at a yield of 4.75%, 35bp inside initial guidance of 5.1% area. The subordinated bonds are rated Baa2/BBB+/A-. The first call date on the notes occurs on 15 February 2029. The issuer may redeem them bond at par upon occurrence of a capital event, tax deduction event, withholding tax event or gross-up event.