CREDIT AGRICOLE SA: Crédit Agricole S.A. opens the Panda market for
European GSIB banks with a 3 year CNY 1 billion benchmark bond.
Crédit Agricole S.A. opens the Panda market for European
GSIB banks with a 3 year CNY 1 billion benchmark bond.
Following the approval granted by People’s Bank
of China of its Panda Bond Issuance Programme, Crédit Agricole S.A.
successfully issued on 5 December 2019 a CNY 1 billion (equivalent
to € 127 million) senior preferred bond with a 3 year tenor and a
3.4% fixed rate. This inaugural benchmark issuance was bought by
Chinese and International investors on the Chinese bond market and
the Hong Kong Bond Connect exchange. The order book was 2.5 times
oversubscribed, illustrating the appetite of investors for this
bond issued by Credit Agricole S.A.. This is the first Panda Bond
ever issued by a European G-SIB bank.
A Panda Bond is issued in the onshore Chinese
Interbank Bond Market by a foreign issuer, and denominated in
Chinese yuan (CNY).
Crédit Agricole S.A.’s Panda Bond Issuance
Programme has been set with a programme cap of up to CNY5bn, which
can be issued partially or in totality within the next two years.
Crédit Agricole S.A. intends to become a repeat issuer in the
fast-growing Panda market to fund its activities in China and
further diversify its long term funding.
Crédit Agricole Group has a long-standing
presence and commitment to China. Currently in 6 Chinese cities,
the Crédit Agricole Group has been present in China for more than
120 years. Three business lines currently operate in China
· Crédit Agricole
Corporate and Investment Bank – via its subsidiary Credit Agricole
CIB (China) Ltd;
· Crédit Agricole
Consumer Finance – via GAC-Sofinco, a joint-venture with Guangzhou
· Amundi – via
ABC-CA, a joint-venture with Agricultural Bank of China &
The proceeds of this first Panda Bond issuance
will be used to finance its wholly-owned banking subsidiary, Crédit
Agricole CIB (China) Ltd., which has been growing its footprint in
China to serve its international client base via financing and
capital market transactions. Headquartered in Shanghai, Crédit
Agricole CIB Chinese franchise has become a significant growth
engine in Asia-Pacific for the Group.
This issuance benefitted from a strong momentum
in China thanks to the support of four large Chinese banks:
Bank of China was mandated Lead Underwriter and Agricultural Bank
of China, China Construction Bank and Industrial and Commercial
Bank of China were mandated Joint-Lead Underwriter.
Credit Agricole CIB (China) Ltd, in line with
its commitment and its plan towards the Chinese bond market and its
further opening, also acted as Joint-Lead Underwriter.
The issuer, Crédit Agricole S.A., as the Central
Body and as a Member of the Crédit Agricole Network, and its Panda
Bonds have obtained a domestic rating of AAA from China Chengxin
International Credit Rating.
The Crédit Agricole Group is the leading partner
of the French economy and one of the largest banking groups in
Europe. It is the leading retail bank in Europe as well as the
first European asset manager, the first bancassurer in Europe and
the third European player in project finance.
Built on its strong cooperative and mutual
roots, its 141,000 employees and the 30,000 directors of its Local
and Regional Banks, the Crédit Agricole Group is a responsible and
responsive bank serving 51 million customers, 10.1 million mutual
shareholders and 900,000 individual shareholders.
Thanks to its universal customer-focused retail
banking model – based on the cooperation between its retail banks
and their related business lines –, the Crédit Agricole Group
supports its customers’ projects in France and around the world:
day-to-day banking, home loans, consumer finance, savings,
insurances, asset management, real estate, leasing and factoring,
and corporate and investment banking.
Crédit Agricole also stands out for its dynamic,
innovative corporate social responsibility policy, for the benefit
of the economy. This policy is based on a pragmatic approach which
permeates across the Group and engages each employee.
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
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
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
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
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.
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.
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 PRESS
Chavagnac + 33 1 57
+ 33 1 43 23 25 41
+ 33 1 43 23 07
Find our press release on: www.credit-agricole.com
- 2019-12-05_Panda Bond_Press release_FINAL_EN
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