Crédit Agricole S.A. in Annual Update of EMTN Program and Nine Offerings

Cleary Gottlieb represented Crédit Agricole S.A. in the annual update of its euro medium-term note (EMTN) program, which closed on April 2, 2026.

From January 2026 to March 2026, Cleary represented Crédit Agricole S.A. in nine offerings of notes under its program for an aggregate nominal amount of €5.9 billion, CHF 235 million, £750 million, and SGD 400 million, for a total amount equivalent to about €7.3 billion.

The notes issued by Crédit Agricole S.A. are governed by French law and qualify as senior preferred notes, senior non-preferred notes, or subordinated notes. They bear either fixed or fixed-to-floating interest rates and are listed.

The offerings were syndicated, and Crédit Agricole Corporate and Investment Bank acted as arranger and permanent dealer.

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 Valérie Lemaitre, counsel Laura Birène, and associates Paul Roudié, Megi Jashari, and Marina Radovic. Partner Anne-Sophie Coustel and associate Agathe Hanrot advised on French tax law. Partner Frédéric Martin and associates Paul Boswell and Doriane Nguenang advised on U.S. law. Associate Annie Cowell advised on UK law. Partner Richard Sultman and associate Thomas Peet advised on UK tax law. Partner Matt Brigham and associate Julia Huang advised on U.S. tax law, with assistance from law clerk Seth Stancroff. Associates Myriam Deckmyn and Kasper Theunissen advised on Belgian law. Capital markets attorney Nicole Puppieni advised on Italian law. Counsel Robert Williams and senior attorney Vivien Ho advised on Hong Kong law.