Crédit Agricole announces early redemption of JPY11.9 billion subordinated notes

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Crédit Agricole announces early redemption of JPY11.9 billion subordinated notes
Credit: © Reuters.

Crédit Agricole S.A., the French banking giant, today announced its intention to redeem all JPY 11,900,000,000 Callable Subordinated Fixed to Floating Rate Notes ahead of their maturity date in 2028. The proposed redemption date is November 24, 2023, provided the European Central Bank (ECB) gives its approval.

The notes in question were issued on November 26, 2018, and were originally set to mature in November 2028. The banking institution has made it clear that the early redemption of these notes is contingent upon receiving prior approval from the ECB.

The Redemption Amount will comprise the outstanding nominal amount and all accumulated interest. If the ECB's sanction is received by the business day before November 24, the Redemption Amount becomes payable and ceases to accrue interest.

In a scenario where the ECB's sanction isn't confirmed by the business day before November 24, redemption will not occur. Noteholders have been assured that they will receive official notice about the redemption and updates on ECB's sanction status.

Crédit Agricole S.A. clarified that this communication doesn't represent an offer to transact in these notes in jurisdictions such as the US, Canada, Australia, Japan, or others requiring registration or approval.

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