Crédit Agricole Assurances in €1 Billion Offering

July 17, 2020

Cleary Gottlieb represented Crédit Agricole Assurances S.A. (CAA) in an offering of €1 billion subordinated fixed-rate notes due 2030.

The joint lead managers on the transaction were Commerzbank Aktiengesellschaft, Erste Group Bank AG, HSBC Bank plc, J.P. Morgan Securities plc, and NatWest Markets N.V. The transaction closed on July 17, 2020.

With the proceeds of the issuance, CAA intends to repay subordinated debt subscribed by Crédit Agricole S.A. (subject to receipt of required regulatory approvals) and for general corporate purposes.

Issued under French law and pursuant to Regulation S, the notes will bear a fixed interest rate of 2% per annum until July 17, 2030. Interest payments are subject to mandatory deferral under certain circumstances. Admitted to trading on the regulated market of Euronext in Paris, the notes will be subject to optional redemption by the issuer at any time, subject to certain conditions.

CAA is one of France’s leading insurance groups and the largest bancassurance provider both in France and in Europe. It is the bancassurance arm of the Crédit Agricole Group, which is the largest banking group in France and one of the largest in the world.