The Abria Alternative Combined Return Notes (AACORN) are issued by BNP Paribas (Canada) and provide 100% guaranteed capital repayment backed by its parent company BNP Paribas S.A.
As of the end of 2004, BNP Paribas S.A. was the Euro-zone’s largest banking group in terms of market capitalization. The BNP Paribas Group is one of the top global players in financial services, conducting retail, corporate and investment banking, private banking, asset management, insurance and specialized and other financial activities throughout the world. Based on total assets ($1.4 trillion at June 30, 2004), the BNP Paribas Group was the largest banking group in France, the fifth largest in Europe, and the seventh largest in the world.
BNP Paribas S.A. currently has long-term senior debt ratings of “Aa2” from Moody’s Investors Services, “AA” from Standard & Poor’s Rating Services and “AA” from Fitch Ratings; all ratings with stable outlook. BNP Paribas S.A.’s ratings are equal to or better than those of Canada’s largest bank, and better than the ratings of all of the other domestic Canadian banks. Measured by total assets, BNP Paribas S.A. is larger than the four largest Canadian domestic banks combined.
