BNPP cleans up tier two with exchange offer
BNP Paribas will issue four new hybrid tier one notes as part of a liability management exercise to clean up some of its old tier two capital notes. The bank is offering to buy back or exchange up to Eu1.04bn equivalent of tier two dollar and euro bonds.
“We have an excess of tier two capital, especially after the merger with Fortis,” said a BNP Paribas banker. “We saw an opportunity and hope that if this exercise is successful we will be able to increase our tier one capital. We are rationalising our tier one debt
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