Banque Fédérative du Crédit Mutuel in $3.25 Billion Notes Offerings

Cleary Gottlieb represented Banque Fédérative du Crédit Mutuel (BFCM) in the following concurrent offerings under its $15 billion U.S. medium term notes program:

• $1.35 billion 4.786% senior preferred notes due 2029.
• $400 million senior preferred floating-rate notes due 2029.
• $1.5 billion callable senior non-preferred fixed-to-floating rate notes due 2032.

The notes were offered for sale in the United States to qualified institutional buyers under Rule 144A and outside of the United States under Regulation S of the Securities Act of 1933.

The dealers for the offerings were BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities LLC.

The transactions closed on July 9, 2026.

BFCM acts as the central financing arm and holding company for Crédit Mutuel Alliance Fédérale, a major French mutual banking group that serves approximately 31.7 million customers through nearly 4,100 branches, mainly in France, as well as internationally in Germany and other countries.

The Cleary team included partner Frederic Martin and associates Paul Boswell, Clément Piela, and Marina Radovic. Partner Valérie Lemaitre and counsel Laura Birène advised as to French law. Partner Matthew Brigham and associate Banu Dzhafarova advised on U.S. tax law. Partner Anne-Sophie Coustel and associate Agathe Hanrot advised on French tax law.