Crédit Agricole Assurances in €1 Billion Tier 2 Offering

October 6, 2021

Cleary Gottlieb represented Crédit Agricole Assurances S.A. (CAA) in an offering of €1 billion subordinated fixed-rate notes due 2031.

The joint lead managers on the transaction were Crédit Agricole Corporate and Investment Bank, Commerzbank Aktiengesellschaft, HSBC Continental Europe, MUFG Securities (Europe) N.V., and UBS Europe SE. The transaction closed on October 6, 2021.

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 1.5% per annum until October 6, 2031. 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.