On 3 July, BNP Paribas (A+/Aa3/AA-) began taking indications of interest for an Australian dollar denominated, perpetual non-call 5.5-year, additional tier-one (AT1) transaction. The deal has an indicative coupon of 5.25 per cent area and is expected to launch in the near future, with the notes to be rated BBB-/Ba1/BBB-.