Crédit Agricole in $1.8 Billion Offering

Cleary Gottlieb represented Crédit Agricole S.A. in an offering of $1.5 billion 5.313% senior non-preferred callable fixed-to-floating rate notes due 2030 and $300 million senior non-preferred callable floating-rate notes due 2030 under its U.S. medium-term note program.

The notes were offered for sale in the United States to qualified institutional buyers under Rule 144A and outside of the United States pursuant to Regulation S of the Securities Act of 1933. The joint lead managers for the offering were Credit Agricole Securities (USA) Inc. (acting as global coordinator and sole bookrunner), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities LLC.

The transaction closed on September 15, 2026.

Crédit Agricole S.A. is the lead bank of the Crédit Agricole Group, which is the largest banking group in France, and one of the largest in the world.

The Cleary team included partner Frederic Martin and associates Grady Tarplee and Anouk Fleury. Partner Valérie Lemaitre, counsel Laura Birène, and associate Marina Radovic advised on French law matters. Partner Matthew Brigham and associate Yoolim Lee advised on U.S. tax matters. Partner Anne-Sophie Coustel and associate Agathe Hanrot advised on French tax matters.