Credit Agricole will repay two undated deeply subordinated notes

Chicago, Oct. 25 – Credit Agricole SA announced the upcoming redemptions of two issues of undated deeply subordinated notes, according to a press release.

The bank will redeem all of its notes issued on Feb. 4, 2005 (ISIN: FR0010161026) on Feb. 4, 2022.

The notes will be redeemed in accordance with the general call option at par plus interest up to the redemption date.

Also, Credit Agricole will redeem all of its notes issued on May 31, 2007 (ISINs: US225313AA37, USF22797FJ25) on Jan. 6, 2022.

The notes will also be redeemed at par plus interest.

The 2007 notes are being redeemed for regulatory or taxation reasons, as the notes will lose on Jan. 1, 2022 the benefit of the grandfathering clause which allowed for their recognition as tier 1 capital.

As of June 30, the nominal value of the 2005 notes was around €183 million and the nominal value of the 2007 notes was approximately $79 million. The amounts recognized in regulatory capital were approximately €183 million and approximately €67 million, respectively.

The issuer has requested and obtained the prior permission of the European Central Bank to redeem the notes early, in accordance with the applicable regulation.

More information can be found on the bank’s website.

Credit Agricole is a cooperative bank based in Montrouge, France.

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