Obligation Crédit Agricole 2.375% ( US22534PAA12 ) en USD

Crédit Agricole

95.44 % ▲

France

US22534PAA12 ( en USD )

2.375% par an ( paiement semestriel )

21/01/2025

Prospectus brochure de l'obligation Crédit Agricole US22534PAA12 en USD 2.375%, échéance 21/01/2025

250 000 USD

1 000 000 000 USD

22534PAA1

22/07/2024 ( Dans 69 jours )

L'Obligation émise par Crédit Agricole ( France ) , en USD, avec le code ISIN US22534PAA12, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/01/2025

Pricing Term Sheet dated October 15, 2019

Crédit Agricole S.A.
acting through its London Branch
U.S.$20,000,000,000
Medium-Term Note Program
Series No. 24
Tranche No. 1
U.S.$1,000,000,000 Principal Amount of
2.375% Senior Preferred Notes due 2025

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in the Base Offering Memorandum dated April 10, 2019 (the "Base Offering
Memorandum"), as supplemented by Supplement No. 1 to the Base Offering Memorandum
dated October 15, 2019 (the "Offering Memorandum Supplement No. 1"). The Base Offering
Memorandum as supplemented by the Offering Memorandum Supplement No. 1 is herein
called the "Offering Memorandum". This document constitutes the Pricing Term Sheet of the
Notes described herein and must be read in conjunction with the Offering Memorandum. Full
information on the Issuer and the offer of the Notes is only available on the basis of the
combination of this Pricing Term Sheet and the Offering Memorandum (including the
documents incorporated by reference therein). The Offering Memorandum is available from
the dealers referred to herein.

Issuer:
Crédit Agricole S.A., acting through its London
Branch
Expected Security Ratings*:
Moody's Investors Service Inc.: Aa3
Standard & Poor's Global Ratings: A+
Fitch Ratings: A+
Security:
2.375% Senior Preferred Fixed Rate Notes due 2025
(referred to herein as the "Notes")

The Notes constitute obligations under French Law
and are issued or deemed to be issued outside of
France. See "Ranking" below.
Principal Amount and Currency: U.S.$1,000,000,000
Offering Date:
October 15, 2019
Original Issue Date:
October 22, 2019 (T+)
Maturity Date:
January 22, 2025
Issue Price:
99.639%
Interest Basis:
2.375% Fixed Rate, accruing from and including the
Original Issue Date to and excluding the Maturity Date
Treasury Benchmark:
UST 1.500% due September 30, 2024

Treasury Price:
99-17
Treasury Yield:
1.599%
Re-offer Spread to Benchmark:
+85 bps
Re-offer Yield:
2.449%
Interest Payment Date(s):
Payable semi-annually in arrears on each January 22
and July 22, commencing on January 22, 2020 and
ending on the Maturity Date
Business Day Convention:
Following Business Day Convention Unadjusted
Day Count Fraction:
30/360
Business Days:
Any day, not being a Saturday or a Sunday, on which
exchange markets and commercial banks are open for
business in London and New York
Status:
Senior Preferred Obligations and constitute direct,
unconditional, senior (chirographaires) and unsecured
obligations of the Issuer, and rank and shall at all times
rank:
(i) pari passu among themselves and with other
Senior Preferred Obligations of the Issuer;
(ii) senior to Senior Non-Preferred Obligations of
the Issuer and any obligations ranking junior to
Senior Non-Preferred Obligations; and
(iii) junior to all present and future claims
benefiting from statutory preferences.
"Senior Preferred Obligations" means any
obligations or other instruments issued by the Issuer
which fall or are expressed to fall within the category
of obligations described in Article L.613-30-3-I-3° of
the French Monetary and Financial Code. For the
avoidance of doubt, all unsubordinated debt securities
issued by the Issuer prior to the entry into force of
Article L.613-30-3-I-4° of the French Monetary and
Financial Code constitute Senior Preferred
Obligations.
Bail-in:
The Notes are subject to bail-in in accordance with the
European Bank Resolution Directive as transposed
under French Law. Contractual recognition of bail-in
power of the resolution authorities.
No Negative Pledge:
There is no negative pledge in respect of the Notes.
Early Redemption Event:
Callable upon the occurrence of a Withholding Tax
Event at the outstanding principal amount, plus
accrued and unpaid interest, if any.
Withholding Tax Event:
Withholding Tax Event means, as a result of a change,
on or after the Original Issue Date, in applicable laws,
regulations or rulings, the Issuer would be required to
pay additional amounts on the Notes.
Substitution and Variation:
In the event that a Withholding Tax Event occurs and
is continuing, the Issuer may substitute all (but not
some only) of the Notes or modify the terms of all (but
not some only) of the Notes, without any requirement
for the consent or approval of the Noteholders, so that
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the Notes become or remain Qualifying Notes (same
maturity, ranking, interest rate, interest payment dates;
terms not otherwise materially less favorable to the
Holders), subject to certain notice provisions and to the
prior consent of the Relevant Regulator and/or the
Relevant Resolution Authority, if required. Such
substitution or modification will be effected without
any cost or charge to Noteholders, but may have
adverse tax consequences Noteholders.
Waiver of Set-Off:
Noteholders will not be entitled to apply set-off rights
or claims to amounts due under the Notes.
No Event of Default:
There are no events of default under the Notes which
could lead to an acceleration of the Notes, except in
the case of the liquidation of the Issuer.
Form of Issuance:
Rule 144A / Regulation S
Form of Notes:
Registered book-entry form through DTC, Euroclear
and Clearstream
Denominations:
U.S.$250,000 and integral multiples of U.S.$1,000 in
excess thereof
Method of Distribution:
Syndicated
Sole Bookrunner:
Credit Agricole Securities (USA) Inc.
Joint Lead Managers:
Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
RBC Capital Markets, LLC
Wells Fargo Securities, LLC
Rule 144A CUSIP / ISIN:
22534PAA1 / US22534PAA12
Regulation S CUSIP / ISIN:
22535EAA5 / US22535EAA55

* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time.

Certain of the above statements are summaries of the complete descriptions in the Offering Memorandum and
are qualified thereby. Potential investors should refer to the Offering Memorandum and not rely solely on this
Pricing Term Sheet in respect of such matters.

Use of Proceeds
The net proceeds of the Offering are expected to be U.S.$993,640,000 and will be used for
general funding purposes.

Settlement
It is expected that delivery of the Notes will be made against payment therefor on or about
October 22, 2019 which will be 5 business days following the date of pricing of the Notes
hereof (this settlement cycle being referred to as "T+5"). Under Rule 15c6-1 of the Securities
Exchange Act of 1934, trades in the secondary market generally are required to settle in two
business days, unless the parties to any such trade expressly agree otherwise. Accordingly,
purchasers who wish to trade at the commencement of trading will be required, by virtue of
the fact that the Notes initially will settle in T+5, to specify an alternate settlement cycle at
the time of any such trade to prevent a failed settlement and should consult their own advisor.
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Documents Incorporated by Reference
The documents incorporated by reference as of the date of this pricing term sheet include
those specifically listed under "Documents Incorporated by Reference" in the Offering
Memorandum.
Important Information
The Notes have not been and will not be registered under the U.S. Securities Act of
1933, as amended (the "Securities Act"), or with any securities regulatory authority of
any state or other jurisdiction of the United States, and may not be offered, sold or
delivered within the United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S ("Regulation S") under the Securities Act), except pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act. Accordingly, the Notes are being offered and sold only (i) outside the
United States to non-U.S. persons in reliance on Regulation S and (ii) within the United
States to persons who are "qualified institutional buyers" (each, a "QIB") within the
meaning of Rule 144A ("Rule 144A") under the Securities Act and the rules and
regulations thereunder, acting for their own account or for the account of one of more
QIBs in reliance on Rule 144A. Prospective purchasers are hereby notified that sellers
of the Notes may be relying on the exemption from the provisions of Section 5 of the
Securities Act provided by Rule 144A. See "Plan of Distribution" and "Notice to
Purchasers" in the Offering Memorandum for information about eligible offerees and
transfer restrictions.
The distribution of this Pricing Term Sheet and the offering of the Notes in certain
jurisdictions may be restricted by law and therefore persons into whose possession this
Pricing Term Sheet comes should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions could result in a violation of
the laws of such jurisdiction.
The Notes are not bank deposits and are not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other governmental or deposit insurance agency
or entity.
You may obtain a copy of the Offering Memorandum for this transaction from the
Dealers referred to herein.

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