Crédit Agricole Assurances successfully places a €1 billion issue
of Subordinated Notes
Press
release
Paris, 6th October
2021
Not for distribution directly or
indirectly in the United States, Canada, Australia or
Japan
Crédit Agricole Assurances successfully
places a €1 billion issue
of Subordinated Notes
Crédit Agricole Assurances has announced
today the successful placement of a €1 billion issue of 10-year
Subordinated Notes (the “Notes”).
The Notes will bear a fixed interest rate of
1.500% pa until the maturity date in 2031.
The transaction has been structured for the
notes to be eligible as Tier 2 capital under Solvency II. The
prospectus for the issue includes a full description of the terms
and conditions of the Notes.
Placed with more than 90 institutional investors
mainly in Europe, the notes benefited from a high granularity and
high quality of orders combined, with a €1.8bn peak. This
performance reflects the strong resilience of Crédit Agricole
Assurance, the adequacy of the offer and the appetite of investors
for the Credit Agricole Group, even in a more challenging trading
session.
This issue enables Crédit Agricole Assurances to
optimise and extend its debt maturity profile while taking
advantage of supportive market conditions to redeem early internal
subordinated debt instruments subscribed by Crédit Agricole
S.A.
This issue thus follows on from those previously
carried out in 2014, 2015, 2018 and 2020, which enabled Crédit
Agricole Assurances to finance in particular the early repayment of
subordinated debt subscribed by Crédit Agricole Group.
At the Crédit Agricole Group level, the purposes
of this issue are to improve regulatory solvency ratios and
Standard & Poor’s ratios of Crédit Agricole S.A.
Crédit Agricole Assurances is rated A-/stable
outlook by Standard & Poor’s. The Notes are rated BBB by
Standard & Poor’s.
The settlement of the Notes takes place on 6th
October 2021.
The issue prospectus, which was granted approval
no. 21-434 on 4th October 2021 by the Autorité des Marchés
Financiers (the “AMF”), is available free of charge on the issuer’s
website (www.ca-assurances.com/en/Investors) and on the AMF website
(www.amf-france.org) (www.amf-france.org).
About Crédit Agricole
Assurances
Crédit Agricole Assurances, France’s largest
insurance Group, unites together Crédit Agricole’s insurance
subsidiaries. The Group offers a range of savings, retirement,
health, personal protection and property insurance products and
services. They are distributed by the Crédit Agricole’s banks in
France and in nine other countries around the world by financial
advisers and multi-line insurance agents. The Crédit Agricole
Assurances companies serve individuals, professionals, farmers and
businesses. Crédit Agricole Assurances has 5,100 employees. Its
premium income at the end of 2020 amounted to €29.4 billion (IFRS).
www.ca-assurances.com
Press contacts Françoise Bololanik + 33 (0)1 57 72
46 83 / 06 25 13 73 98 Géraldine Duprey + 33 (0)1 57 72 58 80/ 07
71 44 35 26 service.presse@ca-assurances.fr |
Investors relations Marie Isabelle Marcellesi +33
(0)1 57 72 12 84 relations.investisseurs@ca-assurances.fr |
Disclaimer
This press release does not constitute an offer
to sell or subscribe, nor the solicitation of an order to purchase
or subscribe the Notes (as defined above) in the United States of
America, Canada, Australia or Japan or in any state or jurisdiction
where such offer or solicitation would be unlawful absent
registration or approval under the laws of such state or
jurisdiction.
The offering and the subscription of the Notes
may be subject to specific legal and regulatory restrictions in
certain jurisdictions; Crédit Agricole Assurances accepts no
liability in connection with a breach by any person of such
restrictions.
This press release constitutes an advertisement.
It does not constitute a prospectus within the meaning of
Regulation (EU) 2017/1129 of the European Parliament and of the
Council dated 14 June 2017 (as amended, the “Prospectus
Regulation”). The distribution of this press release may
be subject to specific regulations in certain countries. Persons in
possession of this document are required to inform themselves of
any such local restrictions and to comply with them. Crédit
Agricole Assurances does not accept any liability to any person in
connection with the distribution of this press release or the
information contained herein in any country.
European Economic Area
The Notes may not be and have not been offered
to the public in any member state of the European Economic Area
(“EEA”) (each, a “Member State”),
except under the exemptions provided by Article 1(4) of the
Prospectus Regulation. No action has been or will be taken to allow
a public offering of the Notes requiring the publication of a
prospectus in any Member State.
PROHIBITION OF SALES TO EEA RETAIL
INVESTORS – The Notes are not intended to be, and have not
been, offered, sold or otherwise made available to and should not
be offered, sold or otherwise made available to any retail investor
in the EEA. For these purposes, a retail investor means a person
who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive (EU) 2014/65 (as amended,
“MiFID II”); or (ii) a customer within the meaning
of Directive (EU) No 2016/97 dated 20 January 2016 on insurance
distribution (as amended, the “Insurance Distribution
Directive”), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of
MiFID II. No key information document required by Regulation (EU)
No 1286/2014 for offering or selling the Notes or otherwise making
them available to retail investors in the EEA has been
prepared.
MiFID II product governance / target
market – The Prospectus in respect of the Notes will
include a legend entitled “MiFID II Product Governance” which will
outline the target market assessment in respect of the Notes and
which channels for distribution of the Notes are appropriate. Any
person subsequently offering, selling or recommending the Notes (a
“Distributor”) should take into consideration the
target market assessment; a Distributor subject to MiFID II is
responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the target
market assessment) and determining appropriate distribution
channels.
This selling restriction supplements the other
selling restrictions applicable in each Member State.
United Kingdom
This press release is only directed at (i)
persons who are not located in the United Kingdom
(“UK”), (ii) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Order”); (iii)
persons falling within Article 49(2)(a) to (d) (high net worth
entities, non-incorporated associations, etc.) of the Order, or
(iv) persons to whom an invitation or inducement to engage in
investment activity (within the meaning of Section 21 of the
Financial Services and Markets Act 2000 (the
“FSMA”)) in connection with the issue or sale of
the Notes may otherwise lawfully be communicated (all such persons
mentioned in paragraphs (i), (ii), (iii) and (iv) above, together
being referred to as “Relevant Persons”). The
Notes are only available to Relevant Persons, and any invitation,
offer or agreement to subscribe, purchase or otherwise acquire such
Notes will be addressed or concluded only with Relevant Persons.
Any person that is not a Relevant Person must abstain from using or
relying on this press release and the information contained
therein.
UK PRIIPs – IMPORTANT – UK RETAIL
INVESTORS
The Notes are not intended to be offered, sold
or otherwise made available to and, with effect from such date,
should not be offered, sold or otherwise made available to any
retail investor in the UK. For these purposes, a retail investor
means a person who is one (or both) of: (i) a retail client as
defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as
it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended (“EUWA”); or
(ii) a customer within the meaning of the provisions of the FSMA
and any rules or regulations made under the FSMA to implement the
Insurance Distribution Directive, where that customer would not
qualify as a professional client as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic
law by virtue of the EUWA. No key information document under
Regulation (EU) No 1286/2014 as it forms part of domestic law by
virtue of the EUWA is available.
United States of America
This press release may not be published,
distributed or transmitted in the United States of America
(including its territories and dependencies, any state of the
United States of America and the District of Columbia). This press
release does not constitute an offer to purchase or to
subscribe for the Notes in the United States of America. The
Notes have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) and
may not be offered or sold in the United States of America, except
pursuant to an exemption from the registration requirements of
the Securities Act. The Notes will be sold only outside the United
States within the meaning of and in conformity with Regulation
S under the Securities Act. Crédit Agricole Assurances
does not intend to register all or any portion of the offering
of the Notes in the United States of America or to conduct a public
offering of the Notes in the United States of America.
Canada, Australia and Japan
This press release must not be published,
released or distributed, directly or indirectly, in Australia,
Canada or Japan. This press release and the information contained
herein do not constitute an offer to sell or subscribe, nor the
solicitation of an order to purchase or subscribe, securities in
such countries.
Not for distribution directly or
indirectly in the United States, Canada, Australia or
Japan
Crédit Agricole Assurances
successfully places a €1 billion issue of
Subordinated Notes
Crédit Agricole Assurances has announced
today the successful placement of a €1 billion issue of 10-year
Subordinated Notes (the “Notes”).
The Notes will bear a fixed interest rate of
1.500% pa until the maturity date in 2031.
The transaction has been structured for the
notes to be eligible as Tier 2 capital under Solvency II. The
prospectus for the issue includes a full description of the terms
and conditions of the Notes.
Placed with more than 90 institutional investors
mainly in Europe, the notes benefited from a high granularity and
high quality of orders combined, with a €1.8bn peak. This
performance reflects the strong resilience of Crédit Agricole
Assurance, the adequacy of the offer and the appetite of investors
for the Credit Agricole Group, even in a more challenging trading
session.
This issue enables Crédit Agricole Assurances to
optimise and extend its debt maturity profile while taking
advantage of supportive market conditions to redeem early internal
subordinated debt instruments subscribed by Crédit Agricole
S.A.
This issue thus follows on from those previously
carried out in 2014, 2015, 2018 and 2020, which enabled Crédit
Agricole Assurances to finance in particular the early repayment of
subordinated debt subscribed by Crédit Agricole Group.
At the Crédit Agricole Group level, the purposes
of this issue are to improve regulatory solvency ratios and
Standard & Poor’s ratios of Crédit Agricole S.A.
Crédit Agricole Assurances is rated A-/stable
outlook by Standard & Poor’s. The Notes are rated BBB by
Standard & Poor’s.
The settlement of the Notes takes place on 6th
October 2021.
The issue prospectus, which was granted approval
no. 21-434 on 4th October 2021 by the Autorité des Marchés
Financiers (the “AMF”), is available free of charge on the issuer’s
website (www.ca-assurances.com/en/Investors) and on the AMF website
(www.amf-france.org) (www.amf-france.org).
About Crédit Agricole Assurances
Crédit Agricole Assurances, France’s largest
insurance Group, unites together Crédit Agricole’s insurance
subsidiaries. The Group offers a range of savings, retirement,
health, personal protection and property insurance products and
services. They are distributed by the Crédit Agricole’s banks in
France and in nine other countries around the world by financial
advisers and multi-line insurance agents. The Crédit Agricole
Assurances companies serve individuals, professionals, farmers and
businesses. Crédit Agricole Assurances has 5,100 employees. Its
premium income at the end of 2020 amounted to €29.4 billion (IFRS).
www.ca-assurances.com
Press contacts
Françoise Bololanik + 33 (0)1 57 72 46 83 / 06 25 13 73 98
Géraldine Duprey + 33 (0)1 57 72 58 80/ 07 71 44 35
26service.presse@ca-assurances.fr |
Investors
relations Marie Isabelle Marcellesi +33 (0)1 57 72 12 84
relations.investisseurs@ca-assurances.fr |
Disclaimer
This press release does not constitute an offer
to sell or subscribe, nor the solicitation of an order to purchase
or subscribe the Notes (as defined above) in the United States of
America, Canada, Australia or Japan or in any state or jurisdiction
where such offer or solicitation would be unlawful absent
registration or approval under the laws of such state or
jurisdiction.
The offering and the subscription of the Notes
may be subject to specific legal and regulatory restrictions in
certain jurisdictions; Crédit Agricole Assurances accepts no
liability in connection with a breach by any person of such
restrictions.
This press release constitutes an advertisement. It does not
constitute a prospectus within the meaning of Regulation (EU)
2017/1129 of the European Parliament and of the Council dated 14
June 2017 (as amended, the “Prospectus
Regulation”). The distribution of this press release may
be subject to specific regulations in certain countries. Persons in
possession of this document are required to inform themselves of
any such local restrictions and to comply with them. Crédit
Agricole Assurances does not accept any liability to any person in
connection with the distribution of this press release or the
information contained herein in any country.
European Economic Area
The Notes may not be and have not been offered
to the public in any member state of the European Economic Area
(“EEA”) (each, a “Member State”),
except under the exemptions provided by Article 1(4) of the
Prospectus Regulation. No action has been or will be taken to allow
a public offering of the Notes requiring the publication of a
prospectus in any Member State.
PROHIBITION OF SALES TO EEA RETAIL
INVESTORS – The Notes are not intended to be, and have not
been, offered, sold or otherwise made available to and should not
be offered, sold or otherwise made available to any retail investor
in the EEA. For these purposes, a retail investor means a person
who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive (EU) 2014/65 (as amended,
“MiFID II”); or (ii) a customer within the meaning
of Directive (EU) No 2016/97 dated 20 January 2016 on insurance
distribution (as amended, the “Insurance Distribution
Directive”), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of
MiFID II. No key information document required by Regulation (EU)
No 1286/2014 for offering or selling the Notes or otherwise making
them available to retail investors in the EEA has been
prepared.
MiFID II product governance / target
market – The Prospectus in respect of the Notes will
include a legend entitled “MiFID II Product Governance” which will
outline the target market assessment in respect of the Notes and
which channels for distribution of the Notes are appropriate. Any
person subsequently offering, selling or recommending the Notes (a
“Distributor”) should take into consideration the
target market assessment; a Distributor subject to MiFID II is
responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the target
market assessment) and determining appropriate distribution
channels.
This selling restriction supplements the other selling
restrictions applicable in each Member State.
United Kingdom
This press release is only directed at (i)
persons who are not located in the United Kingdom
(“UK”), (ii) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Order”); (iii)
persons falling within Article 49(2)(a) to (d) (high net worth
entities, non-incorporated associations, etc.) of the Order, or
(iv) persons to whom an invitation or inducement to engage in
investment activity (within the meaning of Section 21 of the
Financial Services and Markets Act 2000 (the
“FSMA”)) in connection with the issue or sale of
the Notes may otherwise lawfully be communicated (all such persons
mentioned in paragraphs (i), (ii), (iii) and (iv) above, together
being referred to as “Relevant Persons”). The
Notes are only available to Relevant Persons, and any invitation,
offer or agreement to subscribe, purchase or otherwise acquire such
Notes will be addressed or concluded only with Relevant Persons.
Any person that is not a Relevant Person must abstain from using or
relying on this press release and the information contained
therein.
UK PRIIPs – IMPORTANT – UK RETAIL
INVESTORS
The Notes are not intended to be offered, sold
or otherwise made available to and, with effect from such date,
should not be offered, sold or otherwise made available to any
retail investor in the UK. For these purposes, a retail investor
means a person who is one (or both) of: (i) a retail client as
defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as
it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended (“EUWA”); or
(ii) a customer within the meaning of the provisions of the FSMA
and any rules or regulations made under the FSMA to implement the
Insurance Distribution Directive, where that customer would not
qualify as a professional client as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of domestic
law by virtue of the EUWA. No key information document under
Regulation (EU) No 1286/2014 as it forms part of domestic law by
virtue of the EUWA is available.
United States of America
This press release may not be published,
distributed or transmitted in the United States of America
(including its territories and dependencies, any state of the
United States of America and the District of Columbia). This press
release does not constitute an offer to purchase or to
subscribe for the Notes in the United States of America. The
Notes have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) and
may not be offered or sold in the United States of America, except
pursuant to an exemption from the registration requirements of
the Securities Act. The Notes will be sold only outside the United
States within the meaning of and in conformity with Regulation
S under the Securities Act. Crédit Agricole Assurances
does not intend to register all or any portion of the offering
of the Notes in the United States of America or to conduct a public
offering of the Notes in the United States of America.
Canada, Australia and Japan
This press release must not be published,
released or distributed, directly or indirectly, in Australia,
Canada or Japan. This press release and the information contained
herein do not constitute an offer to sell or subscribe, nor the
solicitation of an order to purchase or subscribe, securities in
such countries.
- prcaa-issue_press_release_septembre_2021_ENG
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