Bond Factsheet
ACAFP 6.700% Perpetual Corp (USD)
Credit Agricole SA
Indicative
Full Lot
Bid Price 92.345
Change in Bid Price 0.175
Bid Yield (%) 7.635 %
Change in Bid Yield 0.023
Ask Price 93.116
Change in Ask Price 0.201
Ask Yield (%) 7.537 %
Change in Ask Yield 0.025
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
24 Sep 2024
Issue Date
02 Oct 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 7.968
Modified Duration
6.021 @ 05 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.700
Coupon Type
Variable
Annual Coupon Rate
6.700
Coupon Frequency
Quarterly
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 23 September 2034 and every 5 years thereafter
Reset Rate: 5Y USD Swap Rate + Margin (3.596%)
ISIN
USF2280BAA47
CUSIP
YU0198033
Bond Currency
USD
Total Issue Size
1,250,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ BBB
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Loss Absorption:
The Current Principal Amount of the Notes will be written down together with other Loss Absorbing Instruments if at any time (i) the Crédit Agricole S.A. Group’s CET1 Capital Ratio falls or remains below 5.125% or (ii) the Crédit Agricole Group’s CET1 Capital Ratio falls or remains below 7.0%.
The write-down of each outstanding Note will be in an amount that, when taken together with the write-down of other Notes and the write-down of other Loss Absorbing Instruments (and after taking into account the conversion into equity of any outstanding Convertible Additional Tier 1 Instruments), is sufficient to restore the relevant ratio above the trigger level. If a full write-down and/or conversion of the Notes and/or other Loss Absorbing Instruments would not be sufficient to restore the relevant ratio, then each Note will be written down to a principal amount of one cent.
So long as the Existing Additional Tier 1 Instruments are outstanding and constitute Tier 1 Capital, the write-down amount will be determined after taking into account the actual conversion into equity of any outstanding Convertible Additional Tier 1 Instruments. Once the Existing Additional Tier 1 Instruments are no longer outstanding or fully excluded from Tier 1 Capital of the Crédit Agricole S.A. Group and the Crédit Agricole Group, the determination of the amount by which the Current Principal Amount will be written down will vary automatically to treat Convertible Additional Tier 1 Instruments as if their terms permitted partial conversions (for the purposes of this determination only).
Following a write-down, interest will accrue on the Current Principal Amount of the Notes (which is equal to the remaining principal amount following such write-down). Further, the Notes may be redeemed (subject to satisfying the conditions of redemption) even if the Current Principal Amount has been written-down and not reinstated in full to the Original Principal Amount.
The Relevant Resolution Authority may exercise the Bail-in Tool as follows:
▪Capital Instruments that remain outstanding at the time the Bail-in Tool is applied (see “Write-Down and Conversion of Capital Instruments” above) must first be written-down or converted to equity or other instruments, in the following order of priority: (i) common equity tier 1 instruments are to be written-down first (including common equity tier 1 instruments into which the deeply subordinated debt instruments and the subordinated debt instruments were previously converted), (ii) additional tier 1 instruments issued before December 28, 2020 and additional tier 1 instruments issued after December 28, 2020 (such as the Notes) so long as they remain totally or partly qualified as such are to be written-down or converted into common equity tier 1 instruments, and (iii) tier 2 instruments issued before December 28, 2020 and tier 2 instruments issued after December 28, 2020 so long as they remain totally or partly qualified as such are to be written-down or converted to common equity tier 1 instruments.
▪Next, the Bail-in Tool may be used to write-down or convert Eligible Liabilities in the following order of priority: (i) subordinated debt instruments not qualifying as Capital Instruments are to be written-down or converted into common equity tier 1 instruments and (ii) any other Eligible Liabilities are to be written-down or converted into common equity tier 1 instruments, in each case in accordance with the hierarchy of claims in normal insolvency proceedings. In this regard, unsecured senior non-preferred debt instruments would be written-down or converted to equity before any senior preferred debt instrument of the Issuer. Instruments of the same ranking are generally written-down or converted into equity on a pro rata basis.
Deferral Interest Payment
The Issuer may elect at its full discretion to cancel (in whole or in part) the Interest Amount otherwise scheduled to be paid on an Interest Payment Date for any reason and notwithstanding that it has Distributable Items or that the Maximum Distributable Amount of the Crédit Agricole Group and the Maximum Distributable Amount of the Crédit Agricole S.A. Group are greater than zero.
The Issuer will cancel the payment of an Interest Amount (in whole or, as the case may be, in part) if the Relevant Regulator notifies the Issuer that, in accordance with Applicable Banking Regulations, it has determined, in its full discretion, that the Interest Amount (in whole or in part) should be cancelled based on its assessment of the financial and solvency situation of the Issuer.
Interest Amounts will only be paid (in whole or, as the case may be, in part) if and to the extent that such payment would not cause:
(a) when aggregated together with distributions on all other Tier 1 Capital instruments scheduled for payment in the then current financial year, the amount of Distributable Items (if any) then applicable to the Issuer to be exceeded; or
(b) when aggregated together with any other distributions of the kind referred to in Article 141(2) of the CRD Directive or any other similar provision of Applicable Banking Regulations and/or Applicable MREL/TLAC Regulations that are subject to the same limits, the Relevant Maximum Distributable Amount to be exceeded (to the extent the limitation in Article 141(3) of the CRD Directive, or any other similar limitation related to the Relevant Maximum Distributable Amount pursuant to the CRD Directive, the BRRD or the SRMR, is then applicable).
Issuer Call
Subject as provided herein, and in particular to the conditions described in Condition 7.10 (Conditions to Redemption, Purchase, Cancellation and Substitution), the Issuer may, at its option, redeem all (but not some only) of the outstanding Notes on any Optional Redemption Date at the then Current Principal Amount, together with accrued interest (if any) thereon. An “Optional Redemption Date (Call)” is the First Reset Date and any Reset Date thereafter.
“Optional Redemption Date (Call)” means the First Reset Date and any Reset Date thereafter;
“Reset Date” means the First Reset Date and each date that falls closest to five (5), or a multiple of five (5), years after the September 23, 2034 ("the First Reset Date );
Clean-up Redemption Option
If 75 per cent. of the initial aggregate principal amount of Notes (which for the avoidance of doubt includes, any additional Notes issued subsequently and forming a single series with the 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 to the provisions of Condition 7.10 (Conditions to Redemption, Purchase, Cancellation and Substitution)), at any time, but subject to having given not more than thirty (30) nor less than fifteen (15) calendar days’ prior notice to the Noteholders (in accordance with Condition 16 (Notices)) and the Fiscal Agent, redeem all (but not some only) of the Notes then outstanding at the then Current Principal Amount of such Notes, together with accrued interest (if any) thereon.
Additional Note
Upon the occurrence of a Capital Event, the Issuer may, at its option (but subject to the provisions of Condition 7.10 (Conditions to Redemption, Purchase, Cancellation and Substitution)), at any time, and subject to having given not more than thirty (30) nor less than fifteen (15) calendar days’ prior notice to the Noteholders (in accordance with Condition 16 (Notices)) and the Fiscal Agent, redeem all (but not some only) of the Notes then outstanding at the then Current Principal Amount of such Notes, together with accrued interest (if any) thereon.
Optional Redemption Upon the Occurrence of a MREL/TLAC Disqualification Event
Upon the occurrence of a MREL/TLAC Disqualification Event, the Issuer may, at its option (but subject to the provisions of Condition 7.10 (Conditions to Redemption, Purchase, Cancellation and Substitution)), at any time, and subject to having given not more than thirty (30) nor less than fifteen (15) calendar days’ prior notice to the Noteholders (in accordance with Condition 16 (Notices)) and the Fiscal Agent, redeem all (but not some only) of the Notes then outstanding at the then Current Principal Amount of such Notes, together with accrued interest (if any) thereon.
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