Crédit Agricole S.A. in ¥4.5 Billion Panda Bond Offering

Cleary Gottlieb represented Crédit Agricole S.A. in its panda bond offering of ¥4.5 billion (around €568 million at current exchange rate) under its ¥10 billion panda bond program in China, which includes two tranches of senior preferred bonds: a tranche 1 of senior preferred bonds due 2027 and bearing a fixed interest rate of 2.21% per annum, for which the offering amount is ¥3.5 billion, and a tranche 2 of senior preferred bonds due 2029 and bearing a fixed interest rate of 2.37% per annum, for which the offering amount is ¥1 billion.

The entirety of the net proceeds will be remitted out of China and swapped to other currencies (such as euro) to be used offshore to support Crédit Agricole S.A.’s and its subsidiaries’ business activities and development, subject to the satisfaction of the applicable requirements of the regulatory authorities and completion of the required procedures under the applicable Chinese laws and regulations.

The offering closed on July 18, 2024, and was led by Bank of China Limited as lead underwriter and lead bookrunner, and Credit Agricole Corporate and Investment Bank (China) Limited, China Zheshang Bank Co. Ltd., CITIC Securities Company Limited, Sumitomo Mitsui Banking Corporation (China) Limited, Agricultural Bank of China Limited, The Export-Import Bank of China, Industrial and Commercial Bank of China Limited, DBS Bank (China) Limited, Industrial Bank Co. Ltd., Deutsche Bank (China) Co. Ltd., Fubon Bank (China) Co. Ltd, and Shenwan Hongyuan Securities Co. Ltd. as joint lead underwriters and joint bookrunners.

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.