Linklaters, advising the banking syndicate led by RBC Capital Markets as Joint-Bookrunner, and A&O Shearman, advising BPCE, acted in connection with BPCE’s bond issuance of an aggregate nominal amount of CAD 700 million, placed in Canada (Maple Bonds), of Tier 2 Capital Subordinated Fixed to Floating Rate Notes due 2036 callable in 2031, issued by BPCE S.A.
This issuance is intended to further strengthen BPCE’s regulatory capital base. The Tier 2 Subordinated Notes bear interest at a fixed rate of 4.68% per annum until 15 April 2031, payable semi-annually. The interest rate will then be calculated at a rate determined on the basis of the then applicable CORRA (Canadian Overnight Repo Rate Average) rate plus a margin, payable quarterly.
The Linklaters team in Paris and London comprised Véronique Delaittre, Partner, Pierre-André Destrée, Counsel, Vidhu Gupta and Amelia Rice, Managing Associates, and Emma Elbaz and Zoe Stennett, Associates.
The A&O Shearman team was led by Theo Trayhurn and Julien Sébastien, Partners, Sakhi Shah, Marc Ghorayeb and Anisa Kahn, Associates.
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