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Credit Agricole seeks to amend seven covered bonds to soft bullets
New York, April 1 Credit Agricole Home Loan SFH announced meetings at which it will ask holders of seven series of covered bonds to amend the securities to make them soft bullets.
The issuer said that the change would be consistent with market practice, including its own issuances since 2014, and would also improve its efficiency as a financing vehicle.
Covered by the request are the following bonds:
1,675,000,000 of 3.25% covered bonds due March 23, 2017 issued in three tranches in 2010, 2011 and 2012. The meeting will be at 3 a.m. ET on April 21;
2.4 billion of 4% covered bonds due July 16, 2025 issued in five tranches from 2010 to 2013. The meeting will be at 3:45 a.m. ET on April 21;
2 billion of 3.875% covered bonds due Jan. 12, 2021 issued in three tranches in 2011. The meeting will be at 4:30 a.m. ET on April 21;
1.85 billion of 3.5% covered bonds due June 14, 2018 issued in two tranches in 2011 and 2012. The meeting will be at 5:15 a.m. ET on April 21;
1.5 billion of 4% covered bonds due Jan. 17, 2022 issued on Jan. 17, 2012. The meeting will be at 6 a.m. ET on April 21;
1.5 billion of 2.125% covered bonds due July 10, 2017 issued on April 10, 2012. The meeting will be at 7 a.m. ET on April 21; and
1.25 billion of 1.625% covered bonds due March 11, 2020 issued on March 11, 2013. The meeting will be at 7:45 a.m. ET on April 21.
Credit Agricole will pay a fee of 5 basis points to all holders of bonds in a series for which the amendments are approved. Holders will receive the fee whether or not they vote in favor.
Credit Agricole Home Loan SFH is a bond issuing subsidiary of Montrouge, France-based bank Credit Agricole SA.
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