Bond Factsheet
ACAFP 4.750% Perpetual Corp (USD)
Credit Agricole SA
Indicative
Full Lot
Bid Price 94.118
Change in Bid Price 0.600
Bid Yield (%) 6.963 %
Change in Bid Yield 0.234
Ask Price 94.584
Change in Ask Price 0.604
Ask Yield (%) 6.782 %
Change in Ask Yield 0.235
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Credit Agricole SA
Guarantor
-
Announcement Date
04 Jan 2022
Issue Date
11 Jan 2022
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.467
Modified Duration
2.290 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.750
Coupon Type
Variable
Annual Coupon Rate
4.750
Coupon Frequency
Quarterly
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 23 Sep 2029 and every 5 years thereafter
Reset Rate: 5Y UST Rate + Margin (3.237%)
ISIN
USF2R125CJ25
CUSIP
BT3063216
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 on a pro rata basis 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 other Loss Absorbing Instruments, is sufficient to restore the relevant ratio above the trigger level. If a full write-down would not be sufficient to restore the relevant ratio, then each Note will be written down to a principal amount of one cent.
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).
See Condition 6 (Loss Absorption and Return to Financial Health).
Statutory Write-Down Or Conversion
By subscribing or otherwise acquiring the Notes, the Noteholders will acknowledge, accept and agree to be bound by the exercise of any Statutory Loss Absorption Powers by a Relevant Resolution Authority, meaning the power of a Relevant Resolution Authority to require that the Notes be written down or converted to equity or other instruments if the Issuer or its group encounters financial difficulty so as to trigger a possible resolution procedure under BRRD. See Condition 19 (Statutory Write-Down or Conversion).
This is in addition to the terms of the Notes that provide for a Write-Down of the principal amount as described above under “Loss Absorption.” The Statutory Loss Absorption Powers may be exercised by the Relevant Resolution Authority even if the CET1 Capital Ratio of the Crédit Agricole Group or the Crédit Agricole S.A. Group remains above the relevant threshold levels. In addition, if the Statutory Loss Absorption Power is exercised, the Issuer will not have the ability to institute a reinstatement of the principal amount of the Notes upon a Return to Financial Health.
Statutory Loss Absorption Powers
For these purposes, the “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 French decree-law No. 2015-1024 dated 20 August 2015 (Ordonnance portant diverses dispositions d'adaptation de la législation au droit de l'Union européenne en matière financière) and French decree-law No. 2020-1636 dated December 21, 2020 (Ordonnance relative au régime de résolution dans le secteur bancaire (each as amended from time to time, together 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.
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 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 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 limit, 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 in the CRD Directive or the BRRD, is then applicable).
Any Interest Amount that has been cancelled is no longer payable by the Issuer or considered accrued or owed to the Noteholders. Noteholders shall have no right thereto whether in a bankruptcy or dissolution, as a result of the insolvency of the Issuer or otherwise. Cancellation of any Interest Amount shall not constitute an event of default or a breach of the Issuer’s obligations or duties or a failure to perform by the Issuer in any manner whatsoever and shall not entitle Noteholders to petition for the insolvency or dissolution of the Issuer.
Issuer Call
Subject as provided herein, and in particular to the conditions described in Condition 7.9 (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 their Original Principal Amount, together with accrued interest (if any) thereon. An “Optional Redemption Date (Call)” is any date in the six-month period preceding (and including) the First Reset Date, and any date in the three-month period preceding (and including) each one-year anniversary of the First Reset Date.
First Reset Date” means September 23, 2029
Additional Note
Subject as provided herein, and in particular to the conditions described in Condition 7.9 (Conditions to Redemption, Purchase, Cancellation and Substitution), upon the occurrence of a Tax Event, a Capital Event or a MREL/TLAC Disqualification Event, the Issuer may, at its option, at any time, redeem all (but not some only) of the outstanding Notes at their then Current Principal Amount, together with accrued interest thereon.
“Capital Event” means, at any time, a change in the regulatory classification of the Notes under Applicable Banking Regulations that was not reasonably foreseeable by the Issuer at the Issue Date, and that would be likely to result in the full or partial exclusion of the Notes from the Tier 1 Capital of the Crédit Agricole S.A. Group and/or the Crédit Agricole Group, provided that such exclusion is not as a result of any applicable limits on the amount of Additional Tier 1 Capital contained in Applicable Banking Regulations;
“MREL/TLAC Disqualification Event” means a change in the classification of the Notes under the Applicable MREL/TLAC Regulations that would be likely to result in the full or partial disqualification of the Notes as MREL/TLAC-Eligible Instruments, except where such non-qualification was reasonably foreseeable at the Issue Date;
Substitution and Variation
Subject as provided herein, in particular to the conditions described in Condition 7.9 (Conditions to Redemption, Purchase, Cancellation and Substitution) if a Capital Event, Tax Event, MREL/TLAC Disqualification Event or Alignment Event has occurred and is continuing with respect to the Notes, the Issuer may substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without any requirement for the consent or approval of the Noteholders, so that they become or remain Qualifying Notes, subject to having given not more than thirty (30) nor less than fifteen (15) calendar days’ notice to each of the Noteholders and the Fiscal Agent.
Any such notice shall specify the relevant details of the manner in which such substitution or variation shall take effect and where the relevant Noteholders can inspect or obtain copies of the new terms and conditions of the Notes. Such substitution or variation will be effected without any cost or charge to the Noteholders.
Waiver Of Set-Off
No holder of any Note 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 Noteholder, 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) and each such holder of Notes 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 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 but for this Condition.
“Waived Set-Off Rights” means any and all rights of or claims of any holder of a Note for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any Note.
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