2009 registration document and annual financial report - AMF

1
PRESENTATION OF THE BNP PARIBAS GROUP
Presentation of business lines
1
Teams of dedicated experts in each region help to finance the economy
by meeting client needs with financing solutions such as bond issues.
Fixed Income also offers its institutional client base new investment
opportunities, liquidity sources and solutions to manage various types
of risk, such as interest rate, inflation, foreign exchange and credit risk.
In 2009, the fixed income division consolidated its position across its
activities, as evidenced by industry league tables, client surveys and awards:
in 2009, BNP Paribas CIB was among the Top 10 bookrunners for
global bond issues (Thomson Reuters: bookrunner league tables) and
ranked no. 1 bookrunner for euro-denominated bond issues (Thomson
Reuters bookrunner league tables);
BNP Paribas CIB’s FX business was voted among the top 10 by volumes
globally (Euromoney FX Poll 2009) and no. 1 by investors in Asia-
Pacific (Asiamoney FX Poll 2009 ) in 2009;
in 2009, BNP Paribas CIB’s interest rate derivatives business ranked
no. 5 across all currencies and products, no. 4 in inflation products and
no. 4 in euro-denominated interest rate products (Total Derivatives/
Euromoney Interest Rate Derivatives Survey);
BNP Paribas CIB’s secondary debt trading business ranked no. 6
worldwide in 2009 (Euromoney Secondary Debt Trading Poll 2009)
and its credit derivatives business was voted no. 5 worldwide for
CDS in all currencies by dealers and brokers (Risk Interdealer survey
2009), and no. 6 worldwide by institutional investors (Risk Institutional
Investor Survey 2009);
Euro Bond House and Swiss Franc Bond House of the Year – IFR 2009;
Most Innovative in Risk Management and Most Innovative in Interest
Rates – The Banker, 2009;
C urrency Derivatives House of the Year – AsiaRisk 2009;
the division’s interest rate, FX and credit specialists offer a broad range
of research and strategies, with analysts available for one-on-one
client support. Analysts’ research and strategy notes are available
through a variety of channels, including the Global Markets web
portal. In 2009, our clients voted BNP Paribas CIB no. 2 for c redit
research on Banks, General Industries, Consumer Products and Retail
no. 4 for Credit Strategy and no. 5 for Trade Ideas (Euromoney Fixed
Income Research Poll 2009 ).
In 2009, the Fixed Income division launched a new FX electronic trading
platform to cater for increasing client demand for fast, flexible and
functional electronic trading in FX spot, swaps and forwards. BNP Paribas
FX eTrader forms part of a broader electronic trading offer covering OTC
and secondary market products in interest rate, credit and FX, which will
continue to be developed in 2010
BNP PARIBAS “P RINCIPAL I NVESTMENTS”
BNP Paribas Principal Investments includes BNP Paribas Capital, along
with the Listed Investment and Sovereign Loan Management businesses.
BNP PARIBAS CAPITAL
BNP Paribas Capital manages the Group’s portfolio of unlisted
investments outside of the banking sector.
This portfolio had an estimated value of EUR 2.8 billion at
31 December 2009 and is split into four segments:
directly held strategic investments;
directly held minority stakes;
investments in funds;
joint investments made simultaneously with funds or institutional
investors.
LISTED INVESTMENT AND SOVEREIGN LOAN
MANAGEMENT
The Listed Investment and Sovereign Loan Management unit has two
functions. Its overall mission is to extract the greatest possible value
from its assets over the medium term. This aim clearly differentiates
the business from a trading activity.
The Listed Investment Management team is in charge of BNP Paribas’
portfolio of minority stakes in listed companies.
Sovereign Loan Management’s mission is to restructure sovereign
loans through the London Club and to manage the portfolio of
emerging market sovereign debt, such as Brady bonds, Eurobonds
and restructured loans.
14
2009 Registration document and financial report - BNP PARIBAS