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as part of the French economic support plan
On the 27th of October, Credit Agricole S.A. will fully redeem the EUR 3 billion in highly subordinated notes that were taken up by SPPE in December 2008. The ongoing placement of highly subordinated notes on the European institutional market and the other similar issues carried out by Credit Agricole over the past several months make, to a large extent, this redemption possible.
This decision is explained primarily by the confirmed financial strength of Credit Agricole Group and, within the Group, of Credit Agricole S.A., which reported high solvency ratios at 30 June 2009 (Tier 1: 9.2%; Core Tier: 8.6%), sustained by high level of shareholders' equity (EUR 43.7 billion).
Credit Agricole S.A. emphasizes that it had not issued any preferred shares under the second tranche of the recapitalisation scheme proposed by the French government.
Lastly, as the leading financial partner to the French economy, Credit Agricole S.A. reiterates that it will continue to honour its commitment to actively deliver new loans to the economy and that it will apply the compensation guidelines laid down by the FBF, which were confirmed at the G20 summit.
* Societe de Prise de Participation de l'Etat
For the record:
Credit Agricole S.A. issued USD 850m in perpetual highly subordinated notes in June 2009; in September, the size of the issue was increased to USD1.35 billion. The notes are redeemable by the issuer as from 26 December 2014 and pay coupons half-yearly on the basis of an interest rate of 9.75% per year. The issue was distributed primarily with private banks in Asia and in Europe.
On October 5, Credit Agricole S.A. also launched an issue of USD1 billion in perpetual highly subordinated notes for the US institutional market. The notes are redeemable by the issuer as from 13 October 2019. They will pay a half-yearly coupon based on an interest rate of 8.375% per year for the first ten years and a quarterly coupon based on 3-month LIBOR+6.982% per year thereafter.
This information is provided by HUGIN
Press Contacts Crédit Agricole S.A. Anne-Sophie Gentil tel +33 (0) 1 43 23 37 51 Email Contact M: Communication Louise Tingström tel 44 (0) 789 906 6995 Email Contact
SOURCE: CREDIT AGRICOLE SA
http://www2.marketwire.com/mw/emailprcntct?id=5C2B05B3271260BB http://www2.marketwire.com/mw/emailprcntct?id=9C9F139C34E8A518
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