Bond Factsheet
ACAFP 5.250% 07Sep2033 Corp (SGD)
Credit Agricole SA
Indicative
Full Lot
Bid Price 103.133
Change in Bid Price
-
Bid Yield (%) 3.542 %
Change in Bid Yield 0.002
Ask Price 103.633
Change in Ask Price
-
Ask Yield (%) 3.276 %
Change in Ask Yield 0.002
Indicative price as of 06 Oct 2026, 4:04pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Credit Agricole SA
Guarantor
-
Announcement Date
30 Aug 2023
Issue Date
07 Sep 2023
Maturity Date
07 Sep 2033
Years to Maturity / Next Call
6.923 / 1.921
Modified Duration
5.787 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.250
Coupon Type
Variable
Annual Coupon Rate
5.250
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 07 September 2028
Reset Rate prevailing 5-year SORA-OIS + Initial Margin (2.045%)
ISIN
FR001400KJF8
CUSIP
ZI6597697
Bond Currency
SGD
Total Issue Size
350,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ A-
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Statutory Write-Down or Conversion
Notwithstanding any other term of a given Series of Notes or any other agreement, arrangement or understanding between the Issuer and the holders of any Note, by its acquisition of any of Note, each Noteholder (which for the purposes of this Condition 18 includes each holder of a beneficial interest in any Note) acknowledges, accepts, consents and agrees:
(i) to be bound by the effect of the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof:
a) the reduction of all, or a portion, of the Amounts Due on a permanent basis;
b) the conversion of all, or a portion, of the Amounts Due into shares, other securities or other obligations of the Issuer or another person (and the issue to the holder of the Notes of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of such Notes, in which case the holder of such Notes agrees to accept in lieu of its rights under such Notes any such shares, other securities or other obligations of the Issuer or another person;
c) the cancellation of the Notes;
d) the amendment or alteration of the maturity of the Notes or amendment of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and
(ii) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority.
“Amounts Due” means, (i) with respect to the Deeply Subordinated Notes, the Current Principal Amount of such Notes and any accrued and unpaid interest on the Notes and (ii) with respect to other Notes, the outstanding principal amount of the Notes and any accrued and unpaid interest on such Notes.
“Statutory Loss Absorption Powers” means any power existing from time to time under any laws, regulations, rules or requirements in effect in France, relating to the transposition of the BRRD including without limitation pursuant to the 20 August 2015 Decree Law and the 21 December 2020 Decree Law (each as amended from time to time, the “BRRD Implementation Decree Laws”), the Single Resolution Mechanism Regulation, or otherwise arising under French law, and in each case the instructions, rules and standards created thereunder, pursuant to which the obligations of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced (in part or in whole), cancelled, suspended, transferred, varied or otherwise modified in any way, or securities of a Regulated Entity (or an affiliate of such Regulated Entity) can be converted into shares, other securities, or other obligations of such Regulated Entity or any other person, whether in connection with the implementation of the Bail-in Tool following placement in resolution or of write-down or conversion powers before a resolution proceeding is initiated or without a resolution proceeding, or otherwise.
Issuer Call
If an “Issuer Call” is specified as applicable in the relevant Final Terms, the Issuer may, at its option, on giving not less than fifteen (15) nor more than thirty (30) calendar days’ notice to the holders of such Note in accordance with Condition 16 (Notices), (or such other notice period as may be specified in the relevant Final Terms) redeem all or, if so provided, only some of, the outstanding Notes on any optional redemption date(s) as specified in the relevant Final Terms (each an “Optional Redemption Date”), at their Optional Redemption Amount determined in accordance with Condition 7(m) (Optional Redemption Amounts) (together with interest accrued thereon but unpaid to the date fixed for redemption). Any such redemption must be of a nominal amount at least equal to the Minimum Redemption Amount (if any) and no greater than the Maximum Redemption Amount (if any), both as specified in the relevant Final Terms.
Optional Redemption Date: 7 September 2028 (5Y) (the “First Reset Date”)
Clean-Up Redemption Option
If a “Clean-up Redemption Option” is specified as applicable in the relevant Final Terms, and if 75 per cent. or any higher percentage specified in the relevant Final Terms (the “Clean-up Percentage”) of the initial aggregate nominal amount of Notes (which for the avoidance of doubt includes, any additional Notes issued subsequently and forming a single series with the first Tranche of a particular Series of Notes) have been redeemed or purchased by, or on behalf of, the Issuer or any of its subsidiaries and, in each case, cancelled, the Issuer may, at its option, but subject (i) in the case of Senior Notes, to the provisions of Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes) and (ii) in the case of Subordinated Notes and Deeply Subordinated Notes, to the provisions of Condition 7(k) (Additional conditions to redemption or purchase and cancellation of Subordinated Notes and Deeply Subordinated Notes), on giving not less than fifteen (15) nor more than thirty (30) calendar days’ notice to the holders of such Note in accordance with Condition 16 (Notices) (or such other notice period as may be specified in the relevant Final Terms) redeem the outstanding Notes, in whole but not in part, at their Optional Redemption Amount determined in accordance with Condition 7(m) (Optional Redemption Amounts) (together with any interest accrued thereon but unpaid to the date set for redemption) (i) in the case of Senior Non-Preferred Notes, on any Optional Clean-up Redemption Date as specified in the relevant Final Terms, and (ii) in the case of Notes other than Senior Non-Preferred Notes, at any time.
Optional Clean-Up Redemption Dates: 7 September 2028 and any Interest Payment Date thereafter
Additional Note
If “MREL/TLAC Disqualification Event Call Option” is specified as applicable in the relevant Final Terms, then upon the occurrence of a MREL/TLAC Disqualification Event, the Issuer may, at its option, at any time and subject to the provisions of Condition 7(c)(ii) below and having given not more than thirty (30) nor less than fifteen (15) calendar days’ prior notice to the holders of such Notes in accordance with Condition 16 (Notices), redeem all (but not some only) of the outstanding Notes at their Early Redemption Amount determined in accordance with Condition 7(l) (Early Redemption Amounts) (together with any interest accrued thereon but unpaid to the date set for redemption). Refer 7(c)(ii) in Base Prospectus dated 6 April 2023 for more information.
Redemption upon the occurrence of a Capital Event with respect to Subordinated Notes and Deeply Subordinated Notes
If the Notes are Subordinated Notes or Deeply Subordinated Notes, upon the occurrence of a Capital Event, the Issuer may, at its option, but subject to the provisions of Condition 7(k) (Additional conditions to redemption or purchase and cancellation of Subordinated Notes and Deeply Subordinated Notes), at any time, subject to having given not more than thirty (30) nor less than fifteen (15) calendar days’ notice to the Noteholders in accordance with Condition 16 (Notices), redeem all (but not some only) of such outstanding Subordinated Notes or Deeply Subordinated Notes (as applicable) at their Early Redemption Amount determined in accordance with Condition 7(l) (Early Redemption Amounts) (together with any interest accrued thereon but unpaid to the date set for redemption). Refer 7(c)(ii) in Base Prospectus dated 6 April 2023 for more information.
Waiver of Set-Off
No holder of any Note, Receipt, Coupon or Talon may at any time exercise or claim any Waived Set-Off Rights against any right, claim, or liability the Issuer has or may have or acquire against such holder, directly or indirectly, howsoever arising (and, for the avoidance of doubt, including all such rights, claims and liabilities arising under or in relation to any and all agreements or other instruments of any sort, whether or not relating to such Note, Receipt, Coupon or Talon) and each such holder shall be deemed to have waived all Waived Set-Off Rights to the fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities.
For the avoidance of doubt, nothing in this Condition 15 is intended to provide, or shall be construed as acknowledging, any right of deduction, set-off, netting, compensation, retention or counterclaim or that any such right is or would be available to any holder of any Note, Receipt, Coupon or Talon but for this Condition 15.
“Waived Set-Off Rights” means any and all rights of or claims of any holder of any Note, Receipt, Coupon or Talon for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any Note, Receipt, Coupon or Talon.
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