The Dec. 9 redemption will cover Crédit Agricole S.A.’s remaining 2021 sterling subordinated notes, paying outstanding principal and accrued interest to holders, the bank announced Nov. 10.
The notes were issued June 9, 2021, with an original nominal size of £500 million. Crédit Agricole did not say how much principal remains due or give the total payment amount.
The bank is using an issuer redemption option in the notes’ terms. The notes will continue to earn interest if payment is wrongfully held back or declined; otherwise, interest accrual ends Dec. 9.
The redemption is separate from the bank’s Nov. 4 announcement covering senior non-preferred sterling notes from a £750 million issue. That call is scheduled for Nov. 29, with payment set for Nov. 30, according to the announcement. EconoTimes previously covered the separate senior-note call.
Payment for the 2021 subordinated notes is due Dec. 9.
