Crédit Agricole S.A. in $1.25 Billion Notes Offering

Cleary Gottlieb represented Crédit Agricole S.A. in an offering of $1.25 billion 5.186% senior non-preferred callable fixed-to-floating rate notes due 2032 pursuant to 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 under Regulation S of the Securities Act of 1933. The managers for the offering were Credit Agricole Securities (USA) Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC.

The transaction closed on June 29, 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 Paul Boswell, Clément Piela, and Marina Radovic. Partner Valérie Lemaitre and counsel Laura Birène advised on French law. Partner Jason Factor and associate Mingyu Tang advised on U.S. tax law. Partner Anne-Sophie Coustel and associate Agathe Hanrot advised on French tax law.