Bond Factsheet
ACAFP 4.200% 29May2034 Corp (AUD)
Credit Agricole SA
Indicative
Full Lot
Bid Price 94.369
Change in Bid Price 0.171
Bid Yield (%) 6.577 %
Change in Bid Yield 0.073
Ask Price 94.584
Change in Ask Price 0.170
Ask Yield (%) 6.482 %
Change in Ask Yield 0.072
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
21 May 2019
Issue Date
29 May 2019
Maturity Date
29 May 2034
Years to Maturity / Next Call
7.654 / 2.651
Modified Duration
6.056 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.200
Coupon Type
Variable
Annual Coupon Rate
4.200
Coupon Frequency
Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 29 May 2029 and every annual thereafter
Reset Rate: 5 Years AUD Mid-Swap Rate + Margin (2.383%)
ISIN
XS2002683261
CUSIP
ZS7522122
Bond Currency
AUD
Total Issue Size
600,000,000
Min. Investment Quantity (Nominal)
AUD 200,000
Incremental Quantity (Nominal)
AUD 200,000
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
(a) Acknowledgement
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 19 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.
Refer to Condition 19.
Redemption upon the occurrence of a Capital Event with respect to Subordinated Notes
If the Notes are Subordinated Notes, upon the occurrence of a Capital Event, the Issuer may, at its option, but subject to the provisions of Condition 6(k) (Additional conditions to redemption, purchase and cancellation of Subordinated Notes prior to Maturity Date), at any time, subject to having given not more than forty-five (45) nor less than thirty (30) calendar days’ notice to the Noteholders in accordance with Condition 16 (Notices) (which notice shall be irrevocable), redeem all (but not some only) of such outstanding Subordinated Notes at their Early Redemption Amount determined in accordance with Condition 6(l) (Early Redemption Amounts) (together with any interest accrued thereon but unpaid to the date set for redemption).
For the purposes of this Condition 6:
“Capital Event” means a change in the regulatory classification of the Subordinated Notes that was not reasonably foreseeable at the Issue Date, as a result of which the Subordinated Notes would be fully or partially excluded from Tier 2 Capital, as defined in Condition 3 (Status of the Notes).
Issuer Call
If a Call Option is specified as applicable in the relevant Final Terms, the Issuer may, at its option, but subject (i) in the case of Senior Notes, to the provisions of Condition 6(j) (Additional conditions to redemption, purchase and cancellation of Senior Notes prior to Maturity Date) and (ii) in the case of Subordinated Notes, to the provisions of Condition 6(k) (Additional conditions to redemption, purchase and cancellation of Subordinated Notes prior to Maturity Date), on giving not less than fifteen (15) nor more than thirty (30) calendar days’ irrevocable 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, some of, the outstanding Notes on any Optional Redemption Date as specified in the relevant Final Terms. Any such redemption of Notes shall be at their Optional Redemption Amount determined in accordance with Condition 6(m) (Optional Redemption Amounts) (together with interest accrued thereon but unpaid to the date fixed for redemption). Any such redemption or exercise must relate to Notes of a nominal amount at least equal to the Minimum Redemption Amount to be redeemed specified in the relevant Final Terms and no greater than the Maximum Redemption Amount to be redeemed specified in the relevant Final Terms.
In the case of Subordinated Notes, no Call Option will be permitted prior to five (5) years from the Issue Date.
Optional Redemption Date: 29 May 2029
Additional Note
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.
For the purposes of 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.
Substitution and Variation of Subordinated Notes
If the Notes are Subordinated Notes, in the event that a Capital Event, a Withholding Tax Event, a Gross-Up Event, a Tax Deductibility Event, or a MREL/TLAC Disqualification Event occurs and is continuing, the Issuer may, subject to the prior consent of the Relevant Regulator and/or the Relevant Resolution Authority, if required, substitute all (but not some only) of such Subordinated Notes or modify the terms of all (but not some only) of such Subordinated Notes, without any requirement for the consent or approval of the holders of such Subordinated Notes, so that they become or remain Qualifying Subordinated Notes, subject to having given not more than forty-five (45) nor less than thirty (30) calendar days’ notice to the holders of such Subordinated Notes (which shall be irrevocable) in accordance with Condition 16 (Notices). No substitution of any Subordinated Notes in case of a MREL/TLAC Disqualification Event will be permitted prior to five (5) years from the Issue Date.
Any such notice shall specify the relevant details of the manner in which such substitution or modification shall take effect and where the holders of such Subordinated Notes can inspect or obtain copies of the new terms and conditions of the Subordinated Notes. Such substitution or modification will be effected without any cost or charge to the holders of such Subordinated Notes.
Refer to Condition 7.
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