Product wrap: BNPP offers social bond, tracks Paris aligned index

EUROPE Bpost Bank distributed Social Bond Callable Interest 10/2027 in Belgium. The four-year medium-term note (MTN) pays a fixed annual coupon of 5.30% (3.71% after withholding tax) during the first two years of investment. The following years, a variable coupon equal to three times the difference between the 30-year EUR constant maturity swap (CMS) rate and the five-year EUR CMS rate , is paid. From the end of year two, BNP Paribas Issuance BV (the issuer) can decide to call the product for a