Crédit Agricole S.A. in ¥154 Billion Samurai Bond Offering

February 2, 2024

Cleary Gottlieb represented Crédit Agricole S.A. in samurai bond offerings for a total aggregate amount of ¥154 billion (around €964 million at current exchange rate) under its ¥500 billion samurai bond program in Japan.

The offering included:

  • ¥66.5 billion aggregate principal amount of senior preferred bonds due January 26, 2027;
  • ¥37 billion aggregate principal amount of senior preferred bonds due January 26, 2029;
  • ¥8.8 billion aggregate principal amount of senior preferred bonds due January 26, 2034;
  • ¥26.1 billion aggregate principal amount of callable senior non-preferred bonds due January 26, 2028;
  • ¥2.4 billion aggregate principal amount of callable senior non-preferred bonds due January 25, 2030; and
  • ¥13.2 billion aggregate principal amount of callable subordinated bonds due January 26, 2034.

The net proceeds from the offerings will be used in the fiscal year 2024 as necessary from time to time for the issuer’s lending, credit, investment and other banking business activity.

The offerings closed on January 26, 2024, and were led by Crédit Agricole Securities Asia B.V. Tokyo Branch, Daiwa Securities Co. Ltd., Mitsubishi UFJ Morgan Stanley Securities Co. Ltd., Mizuho Securities Co. Ltd., Nomura Securities Co. Ltd., and SMBC Nikko Securities Inc. as joint-lead managers. Nomura Securities Co. Ltd. also acted as handling manager.

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.