2012 Registration document and annual financial report - BNP Paribas

6INFORMATIONON THE PARENT COMPANY FINANCIAL STATEMENTSNotes to the parent company financial statements4.k SUBORDINATED DEBTIn millions of euros, at 31 December 2012 31 December 2011Redeemable subordinated debt 5, 166 7, 705Undated subordinated debt 8, 078 8, 765Undated Super Subordinated Notes 7, 063 7, 081Undated Floating-Rate Subordinated Notes 790 1, 454Undated P articipating S ubordinated N otes 225 230Related debt 32 72TOTAL SUBORDINATED DEBT 13, 276 16, 542Redeemable subordinated debtThe redeemable subordinated debt issued by the Group is in theform of medium and long-term debt securities equivalent to ordinarysubordinated debt; these issues are redeemable prior to the contractualmaturity date in the event of liquidation of the issuer, and rank after theother creditors but before holders of participating loans and participatingsubordinated notes.These debt issues may contain a call provision authorising the Group toredeem the securities prior to maturity by repurchasing them in the stockmarket, via a public tender or exchange offers, or (in the case of privateplacements) over the counter, subject to regulatory approval.Debt issued by BNP Paribas SA via placements in the internationalmarkets may be subject to early redemption of the capital and earlypayment of interest due at maturity at the issuer’s discretion on or aftera date stipulated in the issue particulars (call option), or in the eventthat changes in the applicable tax rules oblige the BNP Paribas Groupissuer to compensate debt-holders for the consequences of such changes.Redemption may be subject to a notice period of between 15 and 60 daysand is subject to approval by the banking supervisory authorities.In the fourth quarter of 2011, the bank made a public offer to exchangeredeemable subordinated debt, eligible for inclusion in tier 2 capital,for new senior debt. This transaction reduced outstanding redeemablesubordinated debt by EUR 1, 433 million.In addition, two subordinated debt lines were redeemed early in thefourth quarter of 2011 under a call option, in accordance with the datespecified in the issue notice. This transaction reduced outstandingredeemable subordinated debt by EUR 1, 729 million.In 2012, five subordinated debt lines were redeemed under a calloption, in accordance with the date specified in the issue notice. Thesetransactions were the main reason for the reduction in outstandingredeemable subordinated debt of EUR 2, 451 million.6The following table gives the maturity schedule for redeemable subordinated debt as of 31 December 2012.In millions of eurosOutsta nding at31 dec. 2012 2013 2014 2015 2016 2017 2018 to 2022 After 2022Redeemable subordinated debt 5, 166 674 363 550 286 1, 963 844 486Undated subordinated debtUndated Super Subordinated NotesAt 31 December 2012 BNP Paribas SA had issued Undated SuperSubordinated Notes representing a total amount of EUR 7, 063 million.The notes pay a fixed- or floating-rate coupon and are redeemable at theend of a fixed period and thereafter at each coupon date. Some of theseissues will pay a coupon indexed to Euribor or Libor if the notes are notredeemed at the end of this period.In the fourth quarter of 2011, the following transactions were carried outin relation to these securities:■ a public offer to exchange USD 1.3 b illion of notes issued in June 2005for new non-subordinated BNP Paribas bonds paying interest at3-month USD Libor plus 2.75%. This transaction reduced outstandingdebt by USD 280 million.■ a public offer to buy EUR 750 million of notes issued in April 2006,GBP 325 million of notes issued in July 2006 and EUR 750 millionof notes issued in April 2007. This transaction reduced the amountsoutstanding on these notes by EUR 201 million, GBP 162 million andEUR 112 million respectively.Fortis Banque France, which was absorbed by BNP Paribas SA on 12 May2010, carried out a EUR 60 million issue of Undated Super SubordinatedNotes in December 2007. This issue offers investors a floating rate ofinterest. These Undated Super Subordinated Notes were redeemed earlyon 23 May 2011.3542012 Registration document and annual financial report - BNP PARIBAS