Local expertise, global capabilities. · distribution and superior execution capabilities. Our...

Fixed Income AmericasLocal expertise, global capabilities.

An established leader in fixed income with an

ever-expanding reach in the Americas.

15kA vital force among the 15,000 people

of BNP Paribas in the United States and Canada and 4,300 in

Latin America.

A core division of BNP Paribas Corporate & Investment Banking, Fixed Income is widely recognized today as

a global leader with a substantial and growing presence in North and Latin America.

BNP PARIBAS FIXED INCOME AMERICAS / 1

A vital force among the 15,000 people of BNP Paribas in the United States and Canada and 4,300 in Latin America

2,000 fixed income experts in 42 cities worldwide, including 465 professionals in the Americas

Five fixed income offices throughout North America, offering issuers, investors and liability managers broad capabilities across the full range of primary and secondary markets

Local presence in Argentina, Brazil, Chile, Colombia, Mexico, Peru, Uruguay and Venezuela

AA long-term credit rating, higher than any other corporate and investment bank in the Americas*

* Source: Standard & Poor’s, December 6, 2010. Rated AA- Fitch, Aa2 Moody’s in 2010.

Scale, Stability, ability: one of the largeSt and StrongeSt global bankS.

In a changing world, issuers and investors in the Americas increas-ingly are looking for a fixed income partner with global expertise and clout. Consider BNP Paribas:

The largest global bank, ranked by assets and deposits*

Local presence in 85 countries, with 202,500 employees worldwide

More than 13,000 corporate and institutional clients

Total assets rose 34% in the 3 years through June 2010, to $3.2 trillion – equal to the size of Bank of America and Morgan Stanley combined*

* Bloomberg, November 4, 2010

“The ratings on BNP Paribas reflect its strong and highly diversified business profile, sound financial position, good management and moderate risk appetite.” Standard & Poor’s, February 2010

Long-Term Credit RatingStandard & Poor’s AA January 2011

Fitch Ratings AA January 2011

Moody’s Aa2 January 2011

BNP PARIBAS FIXED INCOME AMERICAS

a Preeminent global Platform in fixed income

The Fixed Income division of BNP Paribas Corporate & Investment Banking offers a comprehensive suite of products spanning interest rates, credit and foreign exchange. We lead the competition in the design and execution of derivatives and structured products in all three globally managed product lines.

Backed by dedicated research and strategy teams for each region, sector and asset class, we tailor solutions for more than 11,500 clients across the full spectrum of capital market needs, from financing and market access to yield enhancement and hedging.

BNP Paribas Fixed Income draws on the skills of our 2,000 experts to achieve a singular objective: meeting the individual requirements of issuers, investors and liability managers throughout the world.

11,500Clients across the full spectrum

of capital market needsFixed Income Stats

2,000Fixed Income experts

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BNP Paribas is well positioned to help clients manage effectively in volatile or uncertain environments. Amid lingering concerns about counterparty credit risk, we offer our clients one of the highest credit ratings of any major global bank, with a proven track record as a consistently reliable provider of liquidity.

In region after region, Fixed Income has extended its leadership in the primary markets through a robust debt capital markets platform that provides clients the know-how to interpret market trends and adapt to new realities. We deliver funding solutions with seamless execution to issuer clients across all major currencies.

In secondary trading, we provide a global platform with a broad range of FX products, unparalleled access to G10 credit and local market securities, quotations on more than 100 currency pairs, and liquidity across all interest rate offerings, including the repo market.

client-driven, locally focused

Sales teams organized by client segments, countries and regions

Six principal trading floors: New York, London, Tokyo, Hong Kong, Singapore and Paris

Local offices throughout the Americas, Asia Pacific, Europe and the Middle East

G10Unparalleled access to G10

credit and local market securities


While bnP Paribas fixed income is proud to be a leading global liquidity supplier, our focus is not on transactions but developing solutions that build and strengthen long-term relationships. We are committed to putting our clients first.

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a Solutions-driven commitment to building relationships

Every day, our Fixed Income teams work with clients around the world on innovative, custom-tailored solutions for diverse funding and investment needs in every major currency. We deliver to our clients an integrated dialogue covering market risk, access and structuring issues and work closely with clients over the long term to address issues that arise on both the asset and the liability sides of the balance sheet.

Commitment, integrity and professionalism are core values at BNP Paribas that have led to us becoming a trusted partner to leading corporate and sovereign issuers, asset managers, hedge funds, and financial institutions globally.


innovative approaches to risk Management for diverse client needs

BNP Paribas offers comprehensive, flexible risk management solutions across all markets and underlying assets.

Our clients have diverse needs. They may seek to manage growth, improve the profile of their liabilities, manage risk exposure or assess the impact of leverage alternatives on credit ratings.

With our customizable suite of risk management tools, deep understanding of regulatory and accounting frameworks, and proven risk management expertise in rates, credit and foreign exchange, BNP Paribas has the platform to develop solutions tailored to our clients’ needs.

3 TOP THREE RANKING – Risk Magazine

Interest Rate SwapsInterest Rate OptionsCross-Currency SwapsCurrency Options

Source: Risk Magazine, corporate survey, April 2010


Top 5 in Tips US Fed 2010

Top 5 in Consistent Pricing: Vanilla/1st Gen Exotics & Structured/FX-Linked/ Euromoney FX Poll 2010 Correlations Options

Top 5 in IR Swaps in Euros 2–10 Years & 10–50 Years Total Derivatives Survey 2010

Top 5 in All Interest Rate Exotic Options Total Derivatives Survey 2010

Top 5 in Investment-Grade & High Yield CDS Europe and Americas Risk Institutional Investor Survey 2010

BNP Paribas Fixed Income is a recognized global leader in flow rates and exotic products sales and trading. With over 350 traders and structurers worldwide and top 5 positions in vanilla and hybrid flow products, we provide competitive pricing and liquidity, and are experts in exotic options across product lines.

a global leader in flow rates and exotic Products

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Our substantial global repo balance sheet demonstrates an unparalleled commitment to G10 debt, Mortgages and other government-sponsored debt.

Superior modeling and significant USD rates flows from Europe and Asia make us a dominant dealer in USD cash and derivative rates products. We offer 24-hour USD rates and MBS trading through fully staffed desks in New York, London, Hong Kong and Tokyo.

BNP Paribas is a global leader in inflation products, with a consistent record of innovation. We are a top liquidity provider in illiquid markets and develop innovative structures to reduce inflation-hedging costs for our clients. Access to inflation-linked bond markets is afforded through BNP Paribas indices on Bloomberg at BNIF <GO>.

Recognition for BNP Paribas Fixed Income Products


Top 5 in Tips US Fed 2010

Top 5 in Consistent Pricing: Vanilla/1st Gen Exotics & Structured/FX-Linked/ Euromoney FX Poll 2010 Correlations Options

Top 5 in IR Swaps in Euros 2–10 Years & 10–50 Years Total Derivatives Survey 2010

Top 5 in All Interest Rate Exotic Options Total Derivatives Survey 2010

Top 5 in Investment-Grade & High Yield CDS Europe and Americas Risk Institutional Investor Survey 2010

Top Accolades in Interest Rates Year After Year

interest rates house 2010

BNP Paribas “was prepared as Solvency II heightened concerns over funding issues, liquidity concerns and credit constraints.”

Structured Products Europe Awards 2010

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interest rates house 2009

Index Innovation 2009 “The bank’s interest rates business is also doing exceptionally well in trying times…[it] offered the right solutions at the right time.”


Most innovative in interest rate derivatives

“In late 2008, when other banks were still in crisis management mode, the interest rates team at BNP Paribas was already on the front foot, presenting ideas to clients to manage or profit from unprecedented volatility.”

The Banker Investment Banking Awards 2009

Recognition for BNP Paribas Fixed Income Products

BNP PARIBAS FIXED INCOME AMERICAS9 /

Capital Markets Leading Issuer DealsIn 2010, BNP Paribas served as lead bookrunner on these bench-mark U.S. Dollar transactions:

November 2010Dow Chemical Company

$750,000,000 250% due 2016

$1,750,000,000 425% due 2020

October 2010POSCO

$700,000,000 4.25% Notes due 2020

October 2010PepsiCo

$2,250,000,000 Notes due 2013 Notes due 2020 Notes due 2040

October 2010Colgate-Palmolive

$250,000,000 2.950% due 2020

October 2010

ALLYA 2010-4 Auto Loans

$1.213 Billion Class A Notes

September 2010BP Capital Markets

$2,000,000,000 3.125% due 2013

$1,500,000,000 4.50% due 2015

September 2010American Honda Finance

$1,750,000,000 Notes due 2013 Notes due 2015 Notes due 2020

September 2010Telemar

$1,000,000,000 5.50% Notes due 2020

September 2010International CCE

$475,000,000 2.125% due 2015

$525,000,000 3.500% due 2020

August 2010IBM

$1,500,000,000 1.000% due 2013

October 2010Honda Finance

HAROT 2010-3 Auto Loan


July 2010Oracle

$1,000,000,000 3.875% due 2020 $2,250,000,000

5.375% due 2040

July 2010Ford Motor Credit

$400,000,000 3.050% due 2017

June 2010Campbell Soup

$400,000,000 3.050% due 2017

March 2010Anheuser-Busch InBev

$3,250,000,000 FRN due 2013

Notes due 2013 Notes due 2015 Notes due 2020

February 2010Kraft Foods Inc.

$9,500,000,000 Notes due 2013 Notes due 2016 Notes due 2020 Notes due 2040

TOYOTAMOTORCREDITCORPORATION

TMCC

July 2010American Honda Finance

TAOT 2010-B Auto Loan


October 2010Korea National Oil Corp.

$700,000,000 2.875% Notes due 2015


We regularly rank at the top of most major league tables based on our competitive pricing, global distribution and superior execution capabilities. Our global platform combines local market knowledge with the ability to deliver products denominated in all major currencies.

a Multi-currency credit Platform with local Market knowledge

/ 9

With the focus of a boutique but the resources of a global fixed income powerhouse, BNP Paribas is the bank of choice for new issue debt for corporations, financial institutions and sovereigns around the world.

A consistent bookrunner in U.S. Dollar and other global funding markets for U.S. Fortune 500 companies – Ranked #11 USD, #2 Euro, #3 Swiss Franc and #5 Sterling

Total investment-grade issuance market share more than doubled from 2008 to 2010*

Top 10 Best Bank Overall for Credit Research - Credit Awards 2010

Top 5 Credit Strategy & Fixed Income Trade Ideas - Euromoney 2010

BNP Paribas has over 200 experienced credit traders in 10 trading hubs worldwide, with fully integrated sales and trading teams. In primary markets, we deliver funding solutions with seamless execution and consistent pricing to meet issuer client needs in all major currencies. In secondary markets, our global trading and execution platform provides deep liquidity and unparalleled access to G10 credit and local market securities.

Credit products available in all global core currencies include:

High-grade and crossover cash and derivative flow products

Index products including iTraxx main and crossover, CDX IG and HY, index tranches and options

Hybrid and bespoke solutions

*Dealogic 2010

global credit Sales & trading capabilities


Premier trade execution in G10 and EMK currencies in spots, forwards and options

Full front-to-back credit intermediation and risk management services

Price and risk management centers for Latin American currencies in São Paulo, Buenos Aires and New York City

A team of foreign exchange specialists in New York and São Paulo to provide investment and hedging products and relative value ideas for asset and liability managers

Seamless global FX execution through FX eTrader, our single-dealer electronic trading platform

BNP Paribas is a leader in the foreign exchange market, with strengths in competitive G10 and options pricing and an aggressive emerging market platform. Our emerging markets platform covers all Latin American, Asian and Eastern European countries with a network of offices in 85 countries, giving us an unparalleled scope of market information. Our options platform offers the ability to price and execute sophisticated exotic, hybrid and structured options. Electronically, we provide streaming quotes of spot rates for more than 150 currency pairs. This is all supported by a strong global coverage team with primary trading locations in New York, London and Singapore.

robust foreign exchange capabilities across regions and Products

fX houSe

“BNP Paribas certainly made the most of this asset class, creating new structures with multiple currencies, looking at volatility plays and even launching a risk management product for liability managers.”


MoSt innovative in fX

“BNP Paribas – has a strong derivatives culture, which has helped it to stand out in terms of bespoke solutions. It was the first bank to be able to offer clients options on swap points, enabling them to better manage the swap point risk inherent in forward FX.”

The Banker Investment Banking Awards 2010

a global fX Prime brokerage Platform with new york headquarters

BNP Paribas is among the world’s highest-rated and best capitalized Global FX prime brokers.

Market-leading credit intermediation across the full range of FX products

Strongly capitalized to ensure limited counterparty risk around the world

Market-tested technology and connectivity to meet all your FX demands

A comprehensive reporting and account management suite

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With a world-class fixed income strategy team of more than 175 leading economists, strategists and analysts, BNP Paribas offers clients in-depth strategy and analysis and original investment ideas.

Our expert team produces over 100 publications on a timely basis that offer comprehensive coverage across regions, sectors and asset classes. They apply pioneering quantitative techniques to deliver indispensable fixed income intelligence to our corporate and institutional clients. Coverage includes macroeconomics, technical analysis, and strategy and analysis covering rates, credits and foreign exchange.

Our quarterly Global Outlook, with a regional edition for North America that includes economic forecasts, market conclusions and trade recommendations

Our weekly Market Mover, available in local editions with position recommendations and market-related forecasts

Leading fixed income joint publications include:

Our US Daily Economic Spotlight, focusing on events dominating the markets’ attention and a preview of upcoming key data/events

in-depth fixed income Strategy and analysis for the americas and the World


Latin America Loan House IFRIFR Awards 2010

Covered Bond House IFRIFR Awards 2010

Most Innovative in FX The Banker Investment Banking

Awards 2010

Top 5 Investment-Grade & High Yield CDS, Europe and Americas

Risk Institutional Investor Survey 2010

#1 Mandated Lead Arranger in Syndicated Loans for Latin America

Dealogic June 2010

Top 10 Latin America Bond House

IFR Euro Bond House Sept. 2010

Bronze Award for Best Trade Bank in Latin America

Trade and Forfaiting Review 2010

Best M&A House in Colombia Euromoney 2010

#6 in Mergers & Acquisitions in Brazil

Thomson Reuters (completed deals) June 2010

#1 Structuring Bank for BNDES Exim Facilities

Top 5 Brazilian Banks in FX Deals

Brazilian Central Bank FX Ranking

3rd Largest Foreign Investor Funds Management Brazil

#1 in Credit Protection Insurance and Extended Warranty Products, Brazil

#5 in Latin American Currencies

Euromoney FX Poll 2010

Momentum in the americas: 2010 accolades

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#1Mandated Lead Arranger in Syndicated Loans for

Latin America


DISCLAIMER This material is for the use of intended recipients and may not be reproduced (in whole or in part) or delivered or transmitted to any other person without the prior written consent of BNP Paribas. By accepting this document you agree to be bound by the foregoing limitations.

This material was prepared by persons within a sales or trading function within BNP Paribas or one of its affiliates (collectively “BNP”). This document has been prepared by BNP for informational purposes only and is not a binding document. This material is intended for your personal use and nothing contained herein constitutes an offer or solicitation for the purchase or sale of any security or transaction, or participation in any particular trading strategy. This information does not constitute the provision of investment advice. This material does not represent the actual terms on which a new transaction would be entered into, or the actual terms on which any existing transactions could be unwound. BNP trades or may trade as principal in the instruments (or related derivatives), and has or may have proprietary positions in the instruments (or related derivatives) discussed herein. The author of this material may know the nature of the firm trading positions and strategies. BNP may make a market in the instruments (or related derivatives) discussed herein. Past performance is not necessarily indicative of future results. Marketing and trading personnel are indirectly compensated based on the size and volume of their transactions. Although the information in this document has been obtained from sources that BNP believes to be reliable, BNP does not represent or warrant its fairness, accuracy, completeness or correctness and it should not be relied upon as such. Certain transactions or securities mentioned herein give rise to substantial risk, including currency and volatility risk, and are not suitable for all investors. BNP transacts business with counterparties on an arm’s-length basis and on the assumption that each counterparty is sophisticated and capable of independently evaluating the merits and risks of each transaction and that the counterparty is making an independent decision regarding any transaction. Unless governing law provides otherwise, all transactions should be executed through the BNP entity in the investor’s home jurisdiction.

uS: In the U.S., this material is approved and/or distributed by BNP Paribas Securities Corp., a U.S. registered broker dealer. Any U.S. person receiving this document and wishing to effect a transaction in any security discussed herein must do so through a U.S. registered broker dealer.

BNP Paribas New York Branch, 787 Seventh Avenue, New York, New York 10019 tel: +1 212 841 2000. BNP Paribas New York Branch is duly authorized and licensed by the State of New York Banking Department.

uk: BNP Paribas London Branch (registered office 10 Harewood Avenue, London NW1 6AA; tel: +44 (20) 7595 2000; fax: +44 (20) 7595 2555) is authorized and supervised by the Autorité de Contrôle Prudentiel and authorized and subject to limited regulation by the Financial Services Authority. Details about the extent of our authorization and regulation by the Financial Services Authority are available on request. BNP Paribas London Branch is registered in England and Wales under no. FC13447.

germany: This document is being distributed in Germany by BNP Paribas S.A. – Niederlassung Frankfurt am Main, a branch of BNP Paribas S.A. whose head office is in Paris, France. BNP Paribas S.A. – Niederlassung Frankfurt am Main, Grueneburgweg 14, 60322 Frankfurt, is authorized and supervised by the Autorité de Contrôle Prudentiel and it is authorized and subject to limited regulation by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).

hong kong: BNP Paribas Hong Kong Branch is registered as a licensed bank under the Banking Ordinance and regulated by the Hong Kong Monetary Authority. BNP Paribas Hong Kong Branch is also a registered institution regulated by the Securities and Futures Commission for the conduct of Regulated Activity Types 1, 4 and 6 under the Securities and Futures Ordinance.

Prc: This document does not constitute an offer to sell or the solicitation of an offer to buy any financial products in the People’s Republic of China (the “PRC,” excluding Hong Kong or Macau Special Administrative Regions or Taiwan). This report has been prepared by BNP Paribas London Branch for information and educational purposes only. Any transaction relating to any of the products described in this report can involve a significant degree of risk, including without limitation credit risk, market risk, foreign exchange risk and liquidity risk, and may require a relevant license or permit from the competent authorities under the laws and regulations of the PRC.

Singapore: BNP Paribas Singapore Branch is regulated in Singapore by the Monetary Authority of Singapore under the Banking Act, the Securities and Futures Act, and the Financial Advisers Act. This document may not be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), (ii) to an accredited investor or other relevant person, or any person under Section 275(1A) of the SFA, pursuant to and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

Japan: This document is being distributed to Japanese-based firms by BNP Paribas Securities (Japan) Limited, Tokyo Branch, or by a subsidiary or affiliate of BNP Paribas not registered as a financial instruments firm in Japan, to certain financial institutions defined by article 17-3, item 1 of the Order for Enforcement of the Financial Instruments and Exchange Law of Japan. BNP Paribas Securities (Japan) Limited, Tokyo Branch, a subsidiary of BNP Paribas, is a financial instruments firm registered according to the Financial Instruments and Exchange Law of Japan and a member of the Japan Securities Dealers Association. BNP Paribas Securities (Japan) Limited, Tokyo Branch, accepts responsibility for the content of a document prepared by another non-Japan affiliate only when distributed to Japanese-based firms by BNP Paribas Securities (Japan) Limited, Tokyo Branch.

australia: BNP Paribas Australian Branch is licensed as a Foreign Approved Deposit-taking Institution by the Australian Prudential Regulation Authority [APRA] delivering financial services to wholesale clients under its Australian Financial Services License [AFSL] no. 238043, which is regulated by the Australian Securities & Investments Commission [ASIC]. BNP Paribas is not licensed in Australia to deliver financial services to retail clients (as the term is defined by the Corporations Act 2001, sections 761G and 761GA).

© BNP Paribas (2011). All rights reserved. www.bnpparibas.com For more information: www.bnpparibas.com

contact us

Buenos Aires 25 de Mayo 471 Buenos Aires 1002 Argentina Telephone: +54 11 4318 0318

Chicago 209 South La Salle Street Suite 500 Chicago, IL 60604 USA Telephone: +1 312 977 2200

Montreal 1981 McGill College Avenue Montreal, Quebec H3A 2W8 CanadaTelephone: +1 514 285 6100

New York The Equitable Building 787 Seventh Avenue New York, NY 10019 USA Telephone: +1 212 841 2000

San Francisco One Front Street 23rd Floor San Francisco, CA 94111 USA Telephone: +1 415 772 1300

São Paulo Av. Pres. Juscelino Kubitschek 510, 12 andar São Paulo 04543-906 Brazil Telephone: +55 11 3841 3100

Clients gain electronic access to the global fixed income capabilities of BNP Paribas at www.globalmarkets.bnpparibas.com

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