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Titlelinked to the BNP Paribas Cardif Protection Live TR Index
LanguageEnglish
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Total Pages102
Document Text Contents
Page 1

PROSPECTUS

DATED 6 January 2016

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BNP Paribas Arbitrage Issuance B.V.
(incorporated in The Netherlands)

(as Issuer)

BNP Paribas
(incorporated in France)

(as Guarantor)



50,000 Certificates (Settlement Currency in EUR)

linked to the BNP Paribas Cardif Protection Live TR Index due 6 January 2017

Series CE0217AGO



under the

Note, Warrant and Certificate Programme





BNP Paribas Arbitrage S.N.C.

(as Manager)

This document (the "Prospectus") constitutes a prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). This Prospectus

contains information relating to the issue by BNP Paribas Arbitrage Issuance B.V. (the "Issuer" or "BNPP B.V.") of 50,000 Certificates (Settlement

Currency in EUR) linked to the BNP Paribas Cardif Protection Live TR Index due 6 January 2017 (the "Securities") under the Note, Warrant and

Certificate Programme (the "Programme") benefiting from a BNPP English law guarantee for unsecured W&C Securities (the "Guarantee") granted by

BNP Paribas (the "Guarantor" or "BNPP") and has been prepared in accordance with Article 5(3) of the Prospectus Directive. This Prospectus
incorporates by reference, inter alia, the Base Prospectus (as defined herein) relating to the Programme. See for further details the section "Documents

Incorporated by Reference".

Application has been made to the Autorité des marchés financiers ("AMF") in France for approval of this Prospectus in its capacity as competent
authority pursuant to Article 212.2 of its Règlement Général which implements the Prospectus Directive.

Application will be made for the Securities to be admitted to trading on Euronext Paris. Euronext Paris is a regulated market for the purposes of the

Markets in Financial Instruments Directive 2004/39/EC (a "Regulated Market"). The Issuer is not a sponsor of, nor is it responsible for, the admission

and trading of the Securities on Euronext Paris and no assurance can be given that any such application will be successful.

The issue of the Securities will entitle the holder thereof to receive a cash amount (if any) calculated in accordance with the Economic Terms and
Conditions set out below, all as set forth herein and in the Economic Terms and Conditions.

Capitalised terms used in this Prospectus shall, unless otherwise defined, have the meanings set forth in the Base Prospectus.

Prospective purchasers of Securities should ensure that they understand the nature of the Securities and the extent of their exposure to risks and

that they consider the suitability of the Securities as an investment in the light of their own circumstances and financial condition. The Securities

involve a high degree of risk and potential investors should be prepared to sustain a total loss of the purchase price of their Securities. See "Risk

Factors" on page 58.

In particular, the Securities and the Guarantee (as defined herein) have not been, and will not be, registered under the United States Securities

Act of 1933, as amended (the "Securities Act"), or any state securities laws and trading in the Securities has not been approved by the
Commodity Futures Trading Commission under the United States Commodity Exchange Act, as amended. The Issuer has not registered as an

investment company pursuant to the United States Investment Company Act of 1940, as amended (the "Investment Company Act"). The
Securities are being offered and sold in reliance on Regulation S under the Securities Act. The Securities, or interests therein, may not at any

time be offered, sold, resold, traded, pledged, exercised, redeemed, transferred or delivered, directly or indirectly, in the United States or to, or

for the account or benefit of, a U.S. person (as defined in Regulation S under the Securities Act) and any offer, sale, resale, trade, pledge,

exercise, redemption, transfer or delivery made, directly or indirectly, within the United States or to, or for the account or benefit of, a U.S.

person will not be recognised. The Securities may not be legally or beneficially owned at any time by any U.S. person (as defined in the "Offering

and Sale" section incorporated by reference) and accordingly are being offered and sold outside the United States to non-U.S. persons in reliance
on Regulation S.

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BNPP's long-term credit ratings are A+ with CreditWatch negative (Standard & Poor's Credit Market Services France SAS ("Standard & Poor's")), A1

with a stable outlook (Moody's Investors Service Ltd. ("Moody's")) and A+ with a stable outlook (Fitch France S.A.S. ("Fitch France")) and BNPP's
short-term credit ratings are A-1 (Standard & Poor's), P-1 (Moody's) and F1 (Fitch France) s are A+ with
CreditWatch negative (Standard & Poor's) and BNPP B.V.'s short term credit ratings are A-1 (Standard & Poor's). Each of Standard & Poor's, Moody's

and Fitch France is established in the European Union and is registered under the Regulation (EC) No. 1060/2009 (as amended) (the "CRA Regulation").
As such each of Standard & Poor's, Moody's and Fitch France is included in the list of credit rating agencies published by the European Securities and
Markets Authority on its website (at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation.

Securities issued under the Prospectus are not rated. A security rating is not a recommendation to buy, sell or hold securities and may be subject to

suspension, reduction or withdrawal at any time by the assigning rating agency.

Page 51

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Elément Description de

l’Elément



de garantir, autant que possible, que les

principes et les impacts économiques de

l’Indice soient maintenus.

6 Fréquence de revue Quotidienne

7 Type d’Indice L’Indice fait partie des Indices Volatiles des

indices de BNP Paribas.

8 Devise Euro (EUR)

L'Indice BNP Paribas Cardif Protection Live TR Index (l’ "Indice") a été

établi sur la base d’un test rétroactif le 2 janvier 2007 (la "Date de Début de

l’Indice") avec un niveau initial de 100,0 points à l’indice.

L'Indice est un indice de "Rendement Total". En conséquence, le niveau de

l'indice reflète une valeur supposant un réinvestissement de tous les

dividendes et distributions déclarés.



L’Indice est calculé, maintenu, rééquilibré et publié par l'Agent de Calcul de

l'Indice et sponsorisé par le Sponsor de l’Indice (défini ci-dessous). L’Indice

est calculé et publié sur une base quotidienne par l’Agent de Calcul de

l’Indice. Le Sponsor de l’Indice n’a pas nommé de Conseiller Financier en

Indice s’agissant de l’Indice.



Certains coûts sont déduits du Niveau de l’Indice, qui couvre, entre autres, la

réitération et les coûts de pension dans le cadre de la gestion de l’Indice qui

peuvent varier au fil du temps en fonction des conditions de marchés qui

prévalent. Le niveau d’un tel coût a été déterminé par le Sponsor de l’Indice,

qui agit de manière commercialement raisonnable.



Les coûts relatifs à la cotation à la vente sont appliqués par rapport au prix

moyen du marché, lorsque la stratégie parvient au niveau de l’option, reflétant

le coût de cette transaction sur le marché ; comme détaillé dans les règles

relatives aux formules de calcul de l’Indice :

pour des options d’achats, les frictions relatives à la volatilité

« Black & Scholes (B&S) » sont de 4% correspondant au prix

moyen, flooré à 0,4%,

pour les options de vente, les frictions relatives à la volatilité B&S

sont de 2% correspondant au prix moyen, flooré à 0,5%.



A la Date de Début de l’Indice, l’Indice était composé d’Eléments d’Indices

(chacun un "Type d’Elément d’Indice ") et chacun avec une devise figurant

dans le tableau ci-dessous :



n Nom Type

d’Elément

Bloomberg Devise

Page 52

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Elément Description de

l’Elément



1 Indice EURO

STOXX 50

Indice Indice SX5E EUR

La composition de l'Indice pour tout jour particulier est disponible sur

demande auprès de BNP Paribas qui est le Sponsor de l'Indice (le "Sponsor

de l'Indice"). Les Règles de l'Indice et la méthodologie d'indice applicable à

l'Indice sont disponibles sur le site internet suivant : https://indices-

globalmarkets.bnpparibas.com/nr/CDPLTR.pdf.

De plus amples informations sur le Sous-Jacent de Référence peuvent être

obtenues sur la page écran Bloomberg BNPICDPL.



Section D – Risques



Elément Description de

l’Elément



D.2 Principaux

risques propres à

Garant

obligations en vertu des Titres émis dans le cadre du Prospectus et celle du Garant à

remplir ses obligations en vertu de la Garantie.



Facteurs de risque relatifs à BNPP

Onze principaux risques sont inhérents aux activités de BNPP :

a) Risque de crédit ;

b) Risque de crédit de Contrepartie ;

c) Titrisation ;

d) Risque de marché ;

e) Risque opérationnel ;

f) Risque de réputation et de conformité ;

g) Risque de concentration ;

h) Risque de taux d'intérêts de registre bancaire ;

i) Risques stratégiques et de business ;

j) Risque de liquidité ; et

https://indices-globalmarkets.bnpparibas.com/nr/CDPLTR.pdf
https://indices-globalmarkets.bnpparibas.com/nr/CDPLTR.pdf

Page 101

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RESPONSIBILITY STATEMENT

I hereby certify, having taken all reasonable care to ensure that such is the case, that, to the best of my

knowledge, the information contained in this Prospectus is in accordance with the facts and contains no

omission likely to affect its import.

The consolidated financial statements as of and for the year ended 31 December 2013 of BNPP were audited by

statutory auditors who issued an audit report which is incorporated by reference in the section entitled

"Documents Incorporated by Reference" of this Prospectus. This report contains an emphasis of matter

paragraph ( s) referring, inter alia, to note 3.g to the consolidated financial statements

regarding the provision related to US dollar payments involving parties subject to US sanctions.

The consolidated financial statements as of and for the year ended 31 December 2014 of BNPP were audited by

statutory auditors who issued an audit report which is incorporated by reference in the section titled "Documents

Incorporated by Reference" of this Prospectus. This report contains an emphasis of matter paragraph

(paragraphe d'observations) referring to note 3.g to the consolidated financial statements which outlines the

costs related to the comprehensive settlement with US authorities.



The consolidated financial statements as of and for the six months ended 30 June 2015 of BNP Paribas were

reviewed by statutory auditors who issued a report which is incorporated by reference in this Prospectus. This

report contains an emphasis of matter paragraph (paragraphe d'observations).

BNP Paribas Arbitrage Issuance B.V.

Herengracht 537

1017 BV Amsterdam

The Netherlands

Represented by Guillaume RIVIERE in his capacity as authorised signatory

Dated 5 January 2016



BNP Paribas

16 boulevard des Italiens

75009 Paris

France

Represented by Lars MACHENIL, in his capacity as Chief Financial Officer

Dated 5 January 2016

In accordance with Articles L. 412-1 and L. 621-8 of the French Code monétaire et financier and with the

General Regulations (Règlement général) of the French Autorité des marchés financiers ("AMF"), in particular

Articles 211-1 to 216-1, the AMF has granted to this Prospectus the visa n°16-004 on 6 January 2016. This

Prospectus has been prepared by the Issuer and its signatories assume responsibility for it. In accordance with

Article L. 621-8-1-I of the French Code monétaire et financier, the visa has been granted following an

examination by the AMF of "whether the document is complete and comprehensible, and whether the

information in it is coherent". It does not imply that the AMF has verified the accounting and financial data set

out in it. This visa has been granted in accordance with Article 212-32 of the AMF's General Regulations,

setting out the terms of the securities being issued.

Page 102

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ISSUER

BNP Paribas Arbitrage Issuance B.V.

Herengracht 537

1017 BV Amsterdam

The Netherlands



GUARANTOR

BNP Paribas

16 boulevard des Italiens

75009 Paris

France

MANAGER



BNP Paribas Arbitrage S.N.C.

160-162 boulevard MacDonald

75019 Paris

France

AGENT



BNP Paribas Arbitrage S.N.C.

160-162 boulevard MacDonald

75019 Paris

France

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