Crédit Mutuel Alliance Fédérale in $1.0 Billion Offering

January 24, 2024

Cleary Gottlieb represented Banque Fédérative du Crédit Mutuel (BFCM), the central funding bank of Crédit Mutuel Alliance Fédérale, in its issuance of $700 million principal amount of 5.088% senior preferred notes due 2027 and $300 million principal amount of senior preferred floating rate notes due 2027 under its $10 billion medium-term notes program.

The offering was made in the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States pursuant to Regulation S of the Securities Act of 1933. The managers for the offering were Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Wells Fargo Securities LLC. The transaction priced on January, 17 2024, and closed on January 24, 2024.

Crédit Mutuel Alliance Fédérale is a major French banking group that includes eleven regional federations of local banks operating under the Crédit Mutuel name, the CIC retail banking network, and subsidiaries with activities such as insurance, private banking, private equity, and consumer finance. The group’s business, which traces its roots to 1882, is concentrated in retail banking and insurance in France, and also includes financial activities in Germany and other countries. BFCM is owned indirectly by the local banks and raises funding on international markets for the group, as well as acting as holding company for group subsidiaries.