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Crédit Agricole asked holders of its perpetual bonds to exchange them for new notes

May 20, 2021

Crédit Agricole asked holders of its 7.5% perp., GBP bonds to exchange them for new notes. 

The bank asked bondholders to swap the notes for an entirely new note with “substantially similar” terms. The issuer wants to lose a reference to sterling Libor embedded within the bonds, given that the interest rate will be gradually lowered in favor of Sonia from the end of 2021.

Bondholders would be paid a coupon equal to 453.5bp over five-year sterling mid-swaps if the bank decides against exercising its call option in June 2026. The new additional tier one will still reset to 453.5bp over swaps. Still, the underlying rate will be adjusted by a margin of 27.66bp to reflect the economic difference between Libor and Sonia as of Wednesday, in line with ISDA protocols.

The issuer needs the unanimous consent of its bondholders, which is extremely difficult in any circumstances. Another proposal is to change the new note's terms so that the bank can alter the deal with agreement from 75% of holders.

Crédit Agricole plans to pay a 0.1% premium to the investors who agree on the exchange before the early deadline of 5 pm on June 4. These accounts will also get any accrued and unpaid interest on their bonds.

The offer expires at 5 pm on June 18. Investors who agree to exchange between the first and final deadline won't receive any cash settlement or unpaid interest.

  • Status
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
    103,316,000 GBP
  • М/S&P/F
    — / — / —
Company — Credit Agricole SA
  • Full name
    Credit Agricole SA
  • Registration country
  • Industry