Crédit Agricole S.A. demonstrates commitment to the Panda market with its second 3-year CNY 1 billion benchmark bond

                                                                                                                                                          Montrouge, 11 September 2020

Crédit Agricole S.A. demonstrates commitment to the Panda market with its second 3-year CNY 1 billion benchmark bond

Succeeding to its in December 2019, Crédit Agricole S.A. has successfully issued its second CNY 1 billion (equivalent to € 123 million) senior preferred bond with a 3 year tenor and a 3.5% fixed rate. Crédit Agricole S.A. thus becomes a repeat issuer in the fast paced developing Panda Bond market, with the view to fund its activities in China and further diversify its long-term funding. The proceeds will be used to finance its wholly-owned banking subsidiary Crédit Agricole CIB (China) Limited in order to support its international client base through financing and capital market transactions.

This successful benchmark issuance was bought by Chinese and International institutional investors on the Chinese bond market and the Hong Kong Bond Connect exchange. The order book was 1.64 times oversubscribed, illustrating the investors’ continuous confidence in Crédit Agricole S.A. and recognition to its , the foremost one issued by a French bank and a European G-SIB (global systemically important banks) financial institution.

Olivier Belorgey, Crédit Agricole Group Head of Treasury and Funding and Crédit Agricole CIB Chief Financial Officer, said “This second issuance demonstrates the strong commitment that Crédit Agricole Group and Crédit Agricole CIB have towards the Chinese market. This successful funding exercise is also a strong testimonial of Chinese investors’ confidence in Crédit Agricole S.A. as an issuer regardless of a volatile international market environment.”

Nicolas Vix, President of Crédit Agricole CIB (China) Limited commented “The China franchise has become a major growth engine in Asia-Pacific for the Group. After having been the first country affected by the global COVID-19 pandemic, China shows a strong recovery on people’s daily lives and business activities. This additional funding will allow the Bank to further strengthen its position to support its client’s needs.”  

This issuance benefited from a solid momentum in China thanks to the support of seven large Chinese financial institutions: Bank of China as the Lead Bookrunner and Lead Underwriter; Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, CITIC Securities, China International Capital Corporation Limited and China Merchants Bank as Joint Bookrunners and Joint Lead Underwriters.

Crédit Agricole CIB (China) Limited, in line with its strategic plan towards the Chinese bond market and its further opening, also acted as Joint Bookrunner and Joint-Lead Underwriter. Crédit Agricole S.A., the issuer, as the Central Body and member of the Crédit Agricole Network, and its Panda Bonds have obtained a domestic rating of AAA from China Chengxin International Credit Rating.

Important notice:

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 Regulation").

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 so.

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 whatsoever.

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 Regulation.

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.

France

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.

United Kingdom

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 S.A. PRESS CONTACT

Charlotte de Chavagnac : 17 /

Olivier Tassain : 41 /                  

Pauline Vasselle : 31 /          

CRÉDIT AGRICOLE CIB PRESS CONTACT

Maryse Dournes :

Lilian Kung :

Find our press release on: -agricole.com -

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