2007 REGISTRATION DOCUMENT
2007 REGISTRATION DOCUMENT 2007 REGISTRATION DOCUMENT
5 NotesCONSOLIDATED FINANCIAL STATEMENTSto the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >5.f DEBT SECURITIES AND SUBORDINATED DEBTIn millions of euros 31 December 2007 31 December 2006Debt securities at fair value through profit or loss (note 5.a) 73,973 55,279Other debt securities 141,056 121,559Negotiable certifi cates of deposit 106,381 85,363Bond issues 34,675 36,196Subordinated debt 18,641 17,960Redeemable subordinated debt 17,393 16,376Undated subordinated debt 1,248 1,584TOTAL 233,670 194,7985.f.1Redeemable subordinated debtThe redeemable subordinated debt issued by the Group is in the formof 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 public tender offers, or (in the case of private placements)over the counter.5.f.2Undated subordinated debtDebt issued by BNP Paribas SA or foreign subsidiaries of the Groupvia placements in the international markets may be subject to earlyredemption of the capital and early payment of interest due at maturity atthe issuer’s discretion on or after a date stipulated in the issue particulars(call option), or in the event that changes in the then applicable tax rulesoblige the BNP Paribas Group issuer to compensate debt-holders for theconsequences of such changes. Redemption may be subject to a noticeperiod of between 15 and 60 days, and is in all cases subject to approvalby the banking supervisory authorities.Undated subordinated debt consists of undated floating-rate subordinated notes (titres subordonnés à durée indéterminée – TSDIs), other undatedsubordinated notes, and undated participating subordinated notes (titres participatifs).In millions of euros 31 December 2007 31 December 2006Undated fl oating-rate subordinated notes (TSDIs) 757 808Other undated subordinated notes 140 406Undated participating subordinated notes 274 290Issue costs and fees, accrued interest 77 80TOTAL 1,248 1,5841234567Undated floating-rate subordinated notes and otherundated subordinated notesThe TSDIs and other undated subordinated notes issued by BNP Paribasare redeemable on liquidation of the Bank after repayment of all otherdebts but ahead of undated participating subordinated notes. They conferno rights over residual assets.8910111582007 Registration document - BNP PARIBAS
CONSOLIDATED FINANCIAL STATEMENTS5Notes to the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >Undated floating-rate subordinated notesThe various TSDI issues are as follows:In millions of eurosIssuer Issue date CurrencyOriginal amount inissue currencyParibas SA September 1984 USD 24 millionRate 31 December 2007 31 December 20063-month Libor+3/8% 16 18BNP SA October 1985 EUR 305 million TMO - 0.25% 290 290Paribas SA July 1986 USD 165 million3-month Libor+1/8% 109 121BNP SA September 1986 USD 500 million6-month Libor+0.75% 342 379TOTAL 757 808123The TSDIs issued in US dollars contain a specific call option provision,whereby they may be redeemed at par prior to maturity at the issuer’sdiscretion at any time after a date specified in the issue particulars, afterapproval of the banking supervisory authorities. They are not subjectto any interest step up clause. Payment of interest is obligatory, butthe Board of Directors may postpone interest payments if within thetwelve months preceding the interest payment date the Ordinary GeneralMeeting of Shareholders approves a decision not to pay a dividend.Payment of interest is obligatory on the TSDIs issued in October 1985(representing a nominal amount of EUR 305 million), but the Board ofDirectors may postpone interest payments if within the twelve monthspreceding the interest payment date the Ordinary General Meeting ofShareholders notes that there is no income available for distribution.Other undated subordinated notesThe other undated subordinated notes issued by the Group between 1997and 1999 may be redeemed at par prior to maturity on a date specified inthe issue particulars, after approval of the banking supervisory authorities,and are entitled to a step up in interest from this date if the notes havenot been redeemed. Payment of interest is obligatory, but the Board ofDirectors may postpone interest payments if within the twelve monthspreceding the interest payment date the Ordinary General Meeting ofShareholders Meeting approves a decision not to pay a dividend.45In millions of eurosIssuer Issue date CurrencyOriginal amount inissue currencyRedemptionoption/intereststep up dateBNP SA January 1997 USD 50 million January 2007Interest rateInterest stepup (basispoints)31 December200731 December20063-month Libor+0.65% +150 bp - 38BNP SA May 1997 EUR 191 million May 2007 6.50% +200 bp (2) - 1893-month LiborBNP SA July 1997 USD 50 million July 2007 +0.56% +150 bp - 38BNP SA Nov. 1997 EUR 9 million November 2007 6.36% +205 bp (2) - 93-month LiborBNP SA April 1998 EUR 77 million April 2008 +0.70% +150 bp 77 77Laser May 1999 EUR 110 million (1) May 2009 5.935% +250 bp (3) 55 55678Others 8TOTAL 140 406(1)Before application of the proportionate consolidation rate.(2)Above the 3-month Euribor.(3)Above the 3-month Eurolibor.9The four transactions which included a redemption option or intereststep up date in 2007 were redeemed in advance of the date providedin the issue particulars.The USD 50 million in undated notes issued in January 1997 wereredeemed prior to maturity in January 2007. The EUR 191 million inundated notes issued in May 1997 were redeemed prior to maturityin May 2007. The USD 50 million in undated notes issued in July 1997were redeemed prior to maturity in September 2007. The USD 9 millionin undated notes issued in November 1997 were redeemed prior tomaturity in November 2007.10112007 Registration document - BNP PARIBAS 159
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5 NotesCONSOLIDATED FINANCIAL STATEMENTSto the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >5.f DEBT SECURITIES AND SUBORDINATED DEBTIn millions of euros 31 December <strong>2007</strong> 31 December 2006Debt securities at fair value through profit or loss (note 5.a) 73,973 55,279Other debt securities 141,056 121,559Negotiable certifi cates of deposit 106,381 85,363Bond issues 34,675 36,196Subordinated debt 18,641 17,960Redeemable subordinated debt 17,393 16,376Undated subordinated debt 1,248 1,584TOTAL 233,670 194,7985.f.1Redeemable subordinated debtThe redeemable subordinated debt issued by the Group is in the formof 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 public tender offers, or (in the case of private placements)over the counter.5.f.2Undated subordinated debtDebt issued by BNP Paribas SA or foreign subsidiaries of the Groupvia placements in the international markets may be subject to earlyredemption of the capital and early payment of interest due at maturity atthe issuer’s discretion on or after a date stipulated in the issue particulars(call option), or in the event that changes in the then applicable tax rulesoblige the BNP Paribas Group issuer to compensate debt-holders for theconsequences of such changes. Redemption may be subject to a noticeperiod of between 15 and 60 days, and is in all cases subject to approvalby the banking supervisory authorities.Undated subordinated debt consists of undated floating-rate subordinated notes (titres subordonnés à durée indéterminée – TSDIs), other undatedsubordinated notes, and undated participating subordinated notes (titres participatifs).In millions of euros 31 December <strong>2007</strong> 31 December 2006Undated fl oating-rate subordinated notes (TSDIs) 757 808Other undated subordinated notes 140 406Undated participating subordinated notes 274 290Issue costs and fees, accrued interest 77 80TOTAL 1,248 1,5841234567Undated floating-rate subordinated notes and otherundated subordinated notesThe TSDIs and other undated subordinated notes issued by BNP Paribasare redeemable on liquidation of the Bank after repayment of all otherdebts but ahead of undated participating subordinated notes. They conferno rights over residual assets.891011158<strong>2007</strong> Registration document - BNP PARIBAS
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