Obligation Banque Fédérale du Crédit Mutuel 0% ( XS0592229701 ) en EUR

Banque Fédérale du Crédit Mutuel

100 % ⇌

France

XS0592229701 ( en EUR )

17/02/2023 - Obligation échue

Prospectus brochure de l'obligation Banque Federative du Credit Mutuel XS0592229701 en EUR 0%, échue

50 000 EUR

300 000 000 EUR

La Banque Fédérative du Crédit Mutuel est l'établissement central du groupe Crédit Mutuel, assurant la cohésion et la gestion du système fédératif des caisses régionales.

L'Obligation émise par Banque Fédérale du Crédit Mutuel ( France ) , en EUR, avec le code ISIN XS0592229701, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/02/2023

FINAL TERMS dated 28 June 2011

BANQUE FÉDÉRATIVE DU CRÉDIT MUTUEL
Euro 45,000,000,000 Euro Medium Term Note Programme
Series No: 294
Tranche No: 3
Issue of EUR 20,000,000 Floating Rate Notes due February 2023 (the "Notes") to be consolidated and
form a single series with the EUR 300,000,000 Floating Rate Notes due February 2023 issued on 17
February 2011 and EUR 50,000,000 Floating Rate Notes due February 2023 to be issued on 28 June 2011
(the "Existing Notes")
under the Programme
Issued by
Banque Fédérative du Crédit Mutuel
Dexia Capital Markets
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base
Prospectus dated 7 July 2010 which received visa no. 10-232 from the Autorité des marches financiers (the
"AMF") on 7 July 2010,the first supplement to the Base Prospectus dated 17 August 2010 which received visa
no. 10-292 from the AMF on 17 August 2010, the second supplement to the Base Prospectus dated 11 January
2011 which received visa no. 11-0008 from the AMF, the third supplement to the Base Prospectus dated 7
March 2011 which received visa no. 11-065 from the AMF, the fourth supplement to the Base Prospectus dated
29 April 2011 which received visa no. 11-135 from the AMF, and the fifth supplement to the Base Prospectus
dated 31 May 2011 which received visa no. 11-195 from the AMF which together constitute a base prospectus
for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). This document constitutes the Final
Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read
in conjunction with such Base Prospectus as so supplemented. Full information on the Issuer and the offer of the
Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base
Prospectus and the supplement to the Base Prospectus are available for viewing at Banque Fédérative du Crédit
Mutuel, 34 rue du Wacken 67000 Strasbourg and at "www.bfcm.creditmutuel.fr" and copies may be obtained,
free of charge, from 34 rue du Wacken 67 000 Strabourg during normal business hours and will be available on
the website of the Issuer "www.bfcm.creditmutuel.fr", on the AMF's website "www.amf-france.org" and on the
Luxembourg Stock Exchange's website: "www.bourse.lu".
1
Issuer:

Banque Fédérative du Crédit Mutuel
2
(i)
Series Number:
294
(ii)
Tranche
Number:

3
The Notes are to be consolidated and form a
single series and be interchangeable for trading
purposes with the Existing Notes, upon exchange
of interests in the Temporary Global Note for
interests in the Permanent Global Note (as
provided in paragraph 24(ii) below) and
certification as to non-US beneficial ownership,

expected to occur on or around the date which is
40 days after the Issue Date (the "Exchange
Date").
3
Specified Currency (or Currencies in the case
Euro
("EUR")
of Dual Currency Notes):
4
Aggregate Nominal Amount:

EUR 370,000,000
(i)
Series:

EUR
370,000,000
(ii)
Tranche:

EUR
20,000,000
5
Issue Price of Tranche:

102.65 per cent. of the Aggregate Nominal
Amount of the Tranche plus an amount
corresponding to accrued interest from and
including 17 February 2011 to but excluding 30
June 2011 being EUR 313,151.24 in respect of the
Aggregate Nominal Amount of the Tranche.
6
(i)
Specified Denominations :

EUR 50,000
(ii)
Calculation
Amount:

EUR
50,000
7
(i)
Issue Date:

30 June 2011

(ii)
Interest Commencement Date (if
17
February
2011
different from the Issue Date)
8
Maturity Date:
17 February 2023, subject to the Business Day
Convention
9
Interest Basis:

10 year EUR CMS + 0.75 per cent. Floating Rate
(further particulars specified below)
10 Redemption/Payment Basis:

Redemption at par
11 Change of Interest or Redemption/Payment
Not
Applicable
Basis:
12 Put/Call Options:
Not Applicable
13 (i)
Status of the Notes:

Senior Unsecured

(ii)
Date Board approval for issuance of

Decision of M. Christian Klein dated 28 June
Notes obtained:
2011, acting pursuant to the resolution of the
Board of Directors passed on 24 February 2011
14 Method of distribution:

Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15 Fixed Rate Note Provisions
Not
Applicable

16 Floating Rate Note Provisions
Applicable
(i)
Interest
Period(s):

Each period from, and including, one Specified
Interest Payment Date, to, but excluding, the next
following Specified Interest Payment Date during
the term of the Notes, except that (a) the initial
Interest Period will commence on, and including,
the Issue Date, and (b) the final Interest Period
will end on, but exclude, the Maturity Date

For the avoidance of doubt, Interest Periods shall
not be adjusted.

(ii)
Specified Interest Payment Dates:

Annually, on each 17 February, commencing on
17 February 2012 and ending on the Maturity
Date, subject to adjustment in accordance with the
Business Day Convention

(iii)
First Interest Payment Date:

17 February 2012
(iv)
Interest
Period
Date:

Not
Applicable

(v)
Business Day Convention:

Following Business Day Convention
(vi)
Additional
Financial
Centre(s):
TARGET
Business
Day

(vii) Manner in which the Rate(s) of Interest

Screen Rate Determination
and Interest Amount is to be
determined:

(viii) Party responsible for calculating the

Goldman Sachs International
Rate(s) of Interest and Interest
Amount(s) (if not the Calculation
Agent):

(ix)
Screen Rate Determination:

Reference Rate:

EUR CMS 10 Years

Interest
Determination Date(s):

11.00Frankfurt 2 (two) TARGET Business Days
prior to the first day in each Interest Accrual
Period

Relevant Screen Page:

Reuters page ISDAFIX2 under the heading
EURIBOR Basis-EUR
(x)
ISDA
Determination:

Not
Applicable

(xi)
Margin(s):

+ 0.75 per cent. per annum

(xii) Minimum Rate of Interest:

0 per cent. per annum

(xiii) Maximum Rate of Interest:

8 per cent. per annum

(xiv) Day Count Fraction:

Actual/Actual (ICMA)

(xv)
Fall back provisions, rounding
Not
Applicable
provisions, denominator and any other
terms relating to the method of
calculating interest on Floating Rate
Notes, if different from those set out in
the Conditions:
17 Zero Coupon Note Provisions
Not
Applicable
18 Index-Linked/Other Variable Linked
Not
Applicable
Interest Note Provisions
19 Dual Currency Note Provisions
Not
Applicable
PROVISIONS RELATING TO REDEMPTION
20 Issuer Call Option
Not
Applicable
21 Noteholder Put Option
Not
Applicable

22 Final Redemption Amount

EUR 50,000 per Calculation Amount
23 Early Redemption Amount

(i)
Early Redemption Amount(s) of each

As set out in the Conditions
Note payable on redemption for
taxation reasons or on event of default
and/or the method of calculating the
same (if required or if different from
that set out in the Conditions):

(ii)
Redemption for taxation reasons
Yes
permitted on days other than Specified
Interest Payment Dates:

(iii)
Unmatured Coupons to become void
Yes
upon early redemption:
Bearer
notes
only:

Not
Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
24 Form of Notes:

Bearer Notes
(i)
New
Global
Note:

Yes

(ii)
Temporary or Permanent Global Note:

Temporary Global Note exchangeable for a
Permanent Global Note which is exchangeable for
Definitive Notes in the limited circumstances
specified in the Permanent Global Note

(iii)
Applicable TEFRA exemptions:

D Rules
25 Financial Centre(s) or other special provisions
Not
Applicable
relating to payment dates:
26 Talons for future Coupons or Receipts to be
No
attached to Definitive Notes (and dates on
which such Talons mature):
27 Details relating to Partly Paid Notes: amount
Not
Applicable
of each payment comprising the Issue Price
and date on which each payment is to be made
and , consequences (if any) of failure to pay,
including any right of the Issuer to forfeit the
Notes and interest due on late payment:
28 Details relating to Instalment Notes: amount of Not
Applicable
each instalment, date on which each payment
is to be made:
29 Redenomination, renominalisation and
Not
Applicable
reconventioning provisions:
30 Consolidation provisions:
Not Applicable
31 Other final terms:

Not Applicable
DISTRIBUTION
32 (i)
If syndicated, names of Managers
Not
Applicable
(specifying Lead Manager):

(ii)
Date of Subscription Agreement (if
Not
Applicable

any):

(iii)
Stabilising Manager(s) (if any):

Not Applicable
33 If non-syndicated, name and address of

Dexia Banque Internationale à Luxembourg,
relevant Dealer:
Société Anonyme, acting under the name of Dexia
Capital Markets
69, route d'Esch
L-1470 Luxembourg
Grand-Duchy of Luxembourg
34 Total commission and concession:

Not Applicable

35 Additional selling restrictions:

Not applicable

PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for issue, listing on the Luxembourg Stock Exchange and
admission to trading on the Luxembourg Stock Exchange of the Notes described herein pursuant to the Euro
45,000,000,000 Euro Medium Term Note Programme of Banque Fédérative du Crédit Mutuel.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:
By: ............................................
Duly
authorised

PART B OTHER INFORMATION
1
LISTING AND ADMISSION TO TRADING APPLICATION
(i) Admission to trading:

Application has been made for the Notes to be
admitted to trading on the regulated market of the
Luxembourg Stock Exchange with effect from 30
June 2011.
The Notes are to be consolidated and form a
single series with the Existing Notes (as provided
in paragraph 2(ii) of Part A above) which are
already listed on the Luxembourg Stock
Exchange.
(ii) Listing:

Official List of the Luxembourg Stock Exchange
(iii) Estimate of total expenses related to admission EUR
400
to trading:

2
RATINGS
Ratings:

The Notes to be issued will be rated:
S&P: A+
Moody's: Aa3
Fitch Ratings: AA-
The credit ratings included or referred to in these
Final Terms will be treated for the purposes of
Regulation (EC) No 1060/2009 on credit rating
agencies (the "CRA Regulation") as having been
issued by S&P, Moody's and Fitch Ratings upon
registration pursuant to the CRA Regulation.
S&P, Moody's and Fitch Ratings are established
in the European Union and have applied to be
registered under the CRA Regulation, although
the result of such applications has not yet been
determined.

3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in "Subscription and Sale" in the Base Prospectus, so far as the Issuer is aware, no person
involved in the offer of the Notes has an interest material to the offer.

4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i) Reasons for the offer:

See "Use of Proceeds" wording in Base
Prospectus
(ii) Estimated net proceeds:

EUR 20,843,151.24

(iii) Estimated total expenses:

Not Applicable

5 HISTORIC
INTEREST
RATES
Details of historic EUR CMS rates can be obtained from Reuters ISDAFIX2.

6
OPERATIONAL INFORMATION
Intended to be held in a manner which would allow
Yes
Eurosystem eligibility:

Note that the designation `yes' simply means that
the Notes are intended upon issue to be deposited
with one of the International Central Securities
Depositories (i.e. Euroclear Bank SA/N.V. and
Clearstream Banking, société anonyme) as
common safekeeper and does not necessarily
mean that the Notes will be recognised as eligible
collateral for Eurosystem monetary policy and
intra-day credit operations by the Eurosystem
either upon issue or at any or all times during their
life. Such recognition will depend upon
satisfaction of the Eurosystem eligibility criteria
ISIN Code:

XS0644053901 until the Exchange Date, and
thereafter XS0592229701
Common Code:

064405390 until the Exchange Date, and
thereafter 059222970
Any clearing system(s) other than Euroclear Bank
Not
Applicable
S.A./N.V. and Clearstream Banking Société anonyme
and the relevant identification number(s):
Delivery:

Delivery against payment
Names and addresses of additional Paying Agent(s)
Not
Applicable
(if any):