Crédit Agricole S.A. demonstrates commitment to the Panda market
with its second 3-year CNY 1 billion benchmark bond
Montrouge, 11 September 2020
Crédit Agricole S.A. demonstrates
commitment to the Panda market with its second 3-year CNY 1 billion
benchmark bond
Succeeding to its inaugural Panda Bond issuance
in December 2019, Crédit Agricole S.A. has successfully issued its
second CNY 1 billion (equivalent to € 123 million) senior preferred
bond with a 3 year tenor and a 3.5% fixed rate. Crédit Agricole
S.A. thus becomes a repeat issuer in the fast paced developing
Panda Bond market, with the view to fund its activities in China
and further diversify its long-term funding. The proceeds will be
used to finance its wholly-owned banking subsidiary Crédit Agricole
CIB (China) Limited in order to support its international client
base through financing and capital market transactions.
This successful benchmark issuance was bought by
Chinese and International institutional investors on the Chinese
bond market and the Hong Kong Bond Connect exchange. The order book
was 1.64 times oversubscribed, illustrating the investors’
continuous confidence in Crédit Agricole S.A. and recognition to
its CNY 5 billion bonds issuance programme, the foremost one issued
by a French bank and a European G-SIB (global systemically
important banks) financial institution.
Olivier Belorgey, Crédit Agricole Group Head of
Treasury and Funding and Crédit Agricole CIB Chief Financial
Officer, said “This second issuance demonstrates the strong
commitment that Crédit Agricole Group and Crédit Agricole CIB have
towards the Chinese market. This successful funding exercise is
also a strong testimonial of Chinese investors’ confidence in
Crédit Agricole S.A. as an issuer regardless of a volatile
international market environment.”
Nicolas Vix, President of Crédit Agricole CIB
(China) Limited commented “The China franchise has become a major
growth engine in Asia-Pacific for the Group. After having been the
first country affected by the global COVID-19 pandemic, China shows
a strong recovery on people’s daily lives and business activities.
This additional funding will allow the Bank to further strengthen
its position to support its client’s needs.”
This issuance benefited from a solid momentum in
China thanks to the support of seven large Chinese financial
institutions: Bank of China as the Lead Bookrunner and Lead
Underwriter; Agricultural Bank of China, China Construction Bank,
Industrial and Commercial Bank of China, CITIC Securities, China
International Capital Corporation Limited and China Merchants Bank
as Joint Bookrunners and Joint Lead Underwriters.
Crédit Agricole CIB (China) Limited, in line
with its strategic plan towards the Chinese bond market and its
further opening, also acted as Joint Bookrunner and Joint-Lead
Underwriter. Crédit Agricole S.A., the issuer, as the Central Body
and member of the Crédit Agricole Network, and its Panda Bonds have
obtained a domestic rating of AAA from China Chengxin International
Credit Rating.
Important notice:
This announcement is for information purposes
only and does not constitute an offer to buy, sell or distribute
securities in any jurisdiction.
This press release is an advertisement and not a
prospectus within the meaning of Regulation (EU) 2017/1129 of the
European Parliament and the Council (as amended and supplemented
from time to time), (the "Prospectus
Regulation").
Any offering of securities will be made by means
of an offering circular which will contain detailed information
about Credit Agricole SA and its management, as well as its
financial information. Neither this announcement nor any portion
hereof may be sent to any jurisdiction where it is restricted or
prohibited under the applicable laws, regulations and / or any
other applicable specified selling restrictions or unlawful to do
so.
No money, securities or other consideration is
being solicited by this announcement or the information contained
herein and, if sent in response to this announcement or the
information contained herein, will not be accepted. Neither this
announcement nor any information herein nor the fact of its
distribution shall form the basis of, or be relied on in connection
with, any contract or commitment or investment decision
whatsoever.
United States of America
No securities have been or will be registered
under the U.S. Securities Act of 1933, as amended (the
"Securities Act") or the securities laws of any
state or other jurisdiction of the U.S. No securities may be
offered, sold or delivered in the United States except pursuant to
an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state or local securities laws. No public offering is being made in
the United States or in any other jurisdiction where such an
offering is restricted or prohibited under the applicable laws,
regulations and / or any other specified selling restrictions or
where such offer would be unlawful.
European Economic Area
In relation to each Member State of the European
Economic Area (each, a “Member State”) , this
communication is only addressed to and directed at qualified
investors in that Member State within the meaning of the Prospectus
Regulation.
Accordingly, any person making or intending to
make an offer in that Member State of the bonds may only do so in
circumstances in which no obligation arises for Credit Agricole SA
or the joint lead managers acting in connection with the issuance
of the bonds to publish a prospectus pursuant to Article 3 of the
Prospectus Regulation or supplement a prospectus pursuant to
Article 23 of the Prospectus Regulation, in each case, in relation
to such offer.
France
The bonds will not be offered or sold, directly
or indirectly to the public in France other than pursuant to an
exemption under Article 1(4)(a) of the Prospectus Regulation and
the offering or any other offering material relating to the bonds
and such offers, sales and distributions have been and will be made
in France only to qualified investors (investisseurs qualifiés),
other than individuals, as defined in the Prospectus Regulation and
any applicable French law and regulation.
United Kingdom
This press release is only for distribution and
directed at: (i) persons who are outside the United Kingdom or (ii)
investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the “Order”) or (iii) high net worth
entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order;
and any other person to whom it can otherwise be lawfully
distributed (all such persons together being referred to as
“Relevant Persons”). Any bonds will only be
available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such bonds will be engaged in only
with, relevant persons. Any person who is not a relevant person
should not act or rely on this document or any of its contents.
CRÉDIT AGRICOLE
S.A. PRESS CONTACT
Charlotte de Chavagnac : +33 1 57 72 11 17 /
charlotte.dechavagnac@credit-agricole-sa.frOlivier Tassain : + 33 1
43 23 25 41 /
olivier.tassain@credit-agricole-sa.fr
Pauline Vasselle : + 33 1 43 23 07 31 /
pauline.vasselle@credit-agricole-sa.fr
CRÉDIT AGRICOLE
CIB PRESS CONTACT
Maryse Dournes :
maryse.dournes@ca-cib.comLilian Kung : lilian.kung@ca-cib.com
Find our press release on: www.credit-agricole.com
- www.creditagricole.info
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