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BNP Paribas raised $1.5bn via a PerpNC7.5 AT1 bond at a yield of 8%, 62.5bp inside initial guidance of 8.625% area. The junior subordinated notes are rated Ba1/BBB-/BBB. If not called by 22 August 2031, the coupon resets then and every five years thereafter at the 5Y CMT plus the initial spread of 372.7bp. A trigger event would occur if the CET1 Ratio of the Group is equal to or less than 5.125%. Currently, it stands at 13.2%. The notes were priced at a new issue premium of 14bp over its existing 4.625% Perp that currently yields 7.86%. Above is a table comparing the new issuance with comparable European bank AT1s (sorted by YTC).