Crédit Agricole S.A. will call all outstanding sterling-denominated senior non-preferred notes on Nov. 29, using an option one year before maturity and setting payment for the next business day.
The bank’s Nov. 4 announcement says the call covers every note still outstanding from an issue with an original aggregate nominal value of £750 million. It does not state the remaining principal or total redemption payment.
Issued on Nov. 29, 2022, the notes were scheduled to mature on Nov. 29, 2027. Their terms identify Nov. 29, 2026, as the first reset date and an optional call date for the issuer. The call price is £100,000 for each £100,000 note, and the annual fixed coupon is 5.75% through the reset date.
The bank set Nov. 30 for payment, following the nonbusiness day on Nov. 29. The redemption amount will comprise outstanding principal and accrued interest. Interest will stop accruing on Nov. 29 unless the redemption amount is improperly withheld or refused; holders will not receive an additional sum for the payment delay.
