Obligation Crédit Agricole SA 1.874% ( FR0014003W84 ) en GBP

Crédit Agricole SA

100 % ⇌

France

FR0014003W84 ( en GBP )

1.874% par an ( paiement annuel )

09/12/2031

Prospectus brochure de l'obligation Crédit Agricole FR0014003W84 en GBP 1.874%, échéance 09/12/2031

100 000 GBP

500 000 000 GBP

09/12/2025 ( Dans 157 jours )

Crédit Agricole est un groupe bancaire coopératif français, présent à l'international, structuré autour de caisses régionales et proposant une large gamme de services financiers.

L'Obligation émise par Crédit Agricole SA ( France ) , en GBP, avec le code ISIN FR0014003W84, paye un coupon de 1.874% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 09/12/2031

MIFID II product governance / Professional investors and ECPs only target market Solely for
the purposes of each manufacturer's product approval process, the target market assessment in
respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines
published by ESMA on 5 February 2018 has led to the conclusion that: (i) the target market for the
Notes is eligible counterparties and professional clients only, each as defined in Directive (EU)
2014/65 (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take into consideration the manufacturers' target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturers'
target market assessment) and determining appropriate distribution channels.
UK MIFIR product governance / Professional investors and ECPs only target market  Solely
for the purposes of the manufacturers' product approval process, the target market assessment in
respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines
published by ESMA on 5 February 2018 (in accordance with the FCA's policy statement entitled
"Brexit our approach to EU non-legislative materials"), has led to the conclusion that: (i) the target
market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of
Business Sourcebook ("COBS"), and professional clients, as defined in Regulation (EU) No
600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
("UK MiFIR"); and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the
Notes (a "distributor") should take into consideration the manufacturers' target market assessment;
however, a distributor subject to the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturers'
target market assessment) and determining appropriate distribution channels.

Final Terms dated 7 June 2021
Crédit Agricole S.A.
Legal Entity Identifier (LEI) of the Issuer is 969500TJ5KRTCJQWXH05
Euro 80,000,000,000
Euro Medium Term Note Programme
Series No.: 603
Tranche No: 1
Issue of GBP500,000,000 Subordinated Fixed Rate Resettable Notes due 9 December
2031 (the "Notes")
Issued by: Crédit Agricole S.A. (the "Issuer")
Joint Lead Managers
Crédit Agricole CIB
NatWest Markets
Nomura
RBC Capital Markets
Any person making or intending to make an offer of the Notes may only do so in circumstances
in which no obligation arises for the Issuer or any Joint Lead Manager 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.
Neither the Issuer nor any Joint Lead Manager has authorised, nor do they authorise, the
making of any offer of Notes in any other circumstances.
The expression "Prospectus Regulation" means Regulation (EU) No 2017/1129, as
amended.
A44808847
2

Part A -- Contractual Terms
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in "Terms and Conditions of the French Law Notes" in the base prospectus dated
12 April 2021 which has received approval no. 21-101 from the Autorité des marchés
financiers (the "AMF") on 12 April 2021 and the supplement to it dated 27 May 2021 which
has received approval no. 21-185 from the AMF on 27 May 2021 and which together constitute
a base prospectus for the purposes of the Prospectus Regulation (the "Base Prospectus").
This document constitutes the Final Terms of the Notes described herein for the purposes of
Article 8 of the Prospectus Regulation and must be read in conjunction with the Base
Prospectus. 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
is
available
for
viewing
on
the
website
of
the
Issuer
(https://www.credit-
agricole.com/finance/finance/dette/emissions-marche/credit-agricole-s.a.-emissions-marche),
on the website of the AMF (www.amf-france.org) and copies may be obtained from Crédit
Agricole S.A., 12, place des Etats-Unis, 92127 Montrouge Cedex, France.
A44808847
3

1.
Issuer:
Crédit Agricole S.A.
2.
(i)
Series Number:
603

(ii)
Tranche Number:
1
(iii)
Date on which the Notes become
fungible:
Not Applicable
3.
Specified Currency or Currencies:
Pounds Sterling ("GBP")
4.
Aggregate Nominal Amount:

(i)
Series:
GBP500,000,000

(ii)
Tranche:
GBP500,000,000
5.
Issue Price:
100.00 per cent. of the Aggregate
Nominal Amount
6.
Specified Denomination:
GBP100,000
7.
(i)
Issue Date:
9 June 2021

(ii)
Interest Commencement Date:
Issue Date
8.
Maturity Date:
9 December 2031
9.
Interest Basis:
1.874 per cent. Fixed Rate (Resettable)
(further particulars specified in paragraph
15 below)
10.
Redemption Basis:
Subject to any purchase and cancellation
or early redemption, the Notes will be
redeemed on the Maturity Date at 100.00
per cent. of their nominal amount.
11.
Change of Interest Basis:
Not Applicable
12.
Put/Call Options:
Issuer Call
(further particulars specified in paragraph
20 below)
13.
Status:
Subordinated Notes
14.
Dates of the corporate authorisations for
issuance of the Notes:
Resolution of the Board of Directors of the
Issuer dated 10 February 2021 and the
décision d'émission dated 7 June 2021.
Provisions Relating to Interest (if any) Payable
15.
Fixed Rate Note:
Applicable
(i)
Rate of Interest:
Resettable
(ii)
Interest Payment Dates:
9 June and 9 December in each year from
(and including) 9 December 2021 up to
(and including) the Maturity Date

(iii)
Fixed Coupon Amount:
GBP937 per Specified Denomination
payable on each Interest Payment Date
A44808847
4

from, and including 9 December 2021 up
to, and including, the First Reset Date

(iv)
Broken Amount:
Not Applicable
(v)
Day Count Fraction:
Actual/Actual-ICMA, Unadjusted
(vi)
Determination Dates:
9 June and 9 December in each year
(vii)
Resettable:
Applicable

Initial Rate of Interest:
The Initial Rate of Interest from (and
including) the Issue Date to (but
excluding) the First Reset Date is 1.874
per cent. per annum payable semi-
annually in arrear

First Margin:
+ 1.500 per cent. per annum

Subsequent Margin:
Not Applicable

First Reset Date:
9 December 2026

Second Reset Date:
Not Applicable

Subsequent Reset Date(s):
Not Applicable

Relevant Screen Page:
Not Applicable

Reset Reference Rate:
Reference
Government
Bond
with
respect to the government security or
securities issued by the State responsible
for issuing GBP which is the 5-year
benchmark Gilt and where:
"Screen Page Reference Rate" means
the 5-year benchmark Gilt rate which
appears on Bloomberg Page GTGBP5Y
Govt

Mid-Swap
Floating
Leg
Benchmark Rate:
Not Applicable

Mid-Swap Maturity:
Not Applicable

Reset Determination Date:
First Reset Date

Relevant Time:
11.00 a.m. London time

First Reset Period Fallback:
Not Applicable
16.
Floating Rate Note:
Not Applicable
17.
Zero Coupon Note:
Not Applicable
18.
CMS Linked Note:
Not Applicable
19.
Inflation Linked Notes:
Not Applicable
Provisions Relating to Redemption
20.
Redemption at the Option of the Issuer
(Call Option):
Applicable
(i)
Optional Redemption Date(s):
9 December 2026
A44808847
5

(ii)
Optional Redemption Amount(s) of
each Note and method, if any, of
calculation of such amount(s):
GBP100,000 per Note of GBP100,000
Specified Denomination
(iii)
If redeemable in part:
Not Applicable
(iv)
Notice Period:
As per Conditions
21.
Clean-up Redemption Option:
Not Applicable
22.
Redemption at the Option of Noteholders
(Put Option):
Not Applicable
23.
(i)
MREL/TLAC Disqualification Event
Call Option:
Applicable
(ii)
Early Redemption Amount:
Final Redemption Amount
24.
Final Redemption Amount of each Note:
Subject to any purchase and cancellation
or early redemption, the Notes will be
redeemed on the Maturity Date at 100.00
per cent. of their outstanding principal
amount.
25.
Early Redemption Amount of each Note:
GBP100,000 per Note of GBP100,000
Specified Denomination
26.
Make-Whole Redemption Amount:
Not Applicable
General Provisions Applicable to the Notes
27.
(i)
Form of Notes (Bearer Notes):
Dematerialised Notes
(ii)
Form of Dematerialised Notes:
Bearer dematerialised form (au porteur)
(iii)
Registration Agent:
Not Applicable
(iv)
Temporary Global Certificate:
Not Applicable
28.
Exclusion of the possibility to request
identification of a Noteholder as Provided
by Condition 1(a):
Not Applicable
29.
Financial Center:
London
30.
Talons for future Coupons or Receipts to be
attached to Definitive Materialised Bearer
Notes (and dates on which such Talons
mature):
Not Applicable
31.
Details relating to Instalment Notes:
Not Applicable
(i)
Instalment Amount(s):
Not Applicable
(ii)
Instalment Date(s):
Not Applicable
(iii)
Minimum Instalment Amount:
Not Applicable
(iv)
Maximum Instalment Amount:
Not Applicable
32.
Applicable tax regime:
Condition 8(a) applies
A44808847
6

33.
Representation of holders of French Law
Notes Masse:
Contractual Masse shall apply
Primary Appointed Representative: as
per the Conditions F&S Financial
Services, 8, rue du Mont Thabor, 75001
Paris, France
Alternate Appointed Representative: as
per the Conditions Aether Financial
Services, 36, rue de Monceau, 75008
Paris, France
Remuneration: as per the Conditions
the
remuneration
of
the
Primary
Appointed Representative or, as the case
may
be,
the
Alternate
Appointed
Representative, will be equal to EUR 400
per year (excluding taxes), payable as per
the Conditions.
Responsibility
I hereby accept responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer on 7 June 2021
Duly represented by: Nadine Fedon
A44808847
7

PART B OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING
(i)
Listing:
Application has been made for the Notes to be admitted
to trading on Euronext Paris with effect from 9 June 2021.
(ii)
Estimate
of
total
expenses
related
to
admission to trading:
EUR 8,225.00 (without tax)
2. RATINGS
The Notes to be issued have been rated:
Standard & Poor's: BBB+
Moody's: Baa1
Fitch: A-
Standard & Poor's, Moody's and Fitch are established in
the European Union or in the United Kingdom and are
registered under Regulation (EC) No 1060/2009
(the "CRA Regulation") or under the CRA Regulation as
it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018 (the "EUWA"). As such,
Standard & Poor's, Moody's and Fitch are included in the
list of credit rating agencies published by the European
Securities and Market Authority on its website in
accordance
with
the
CRA
Regulation
(www.esma.europa.eu/supervision/credit-rating-
agencies/risk).
As defined by Standard & Poor's, a "BBB" exhibits
adequate protection parameters. However, adverse
economic conditions or changing circumstances are
more likely to lead to a weakened capacity of the obligor
to meet its financial commitment on the obligation
(compared to a higher rating). The addition of a plus (+)
sign shows relative standing within that rating
categories.As defined by Moody's, obligations rated
"Baa" are judged to have medium-grade credit quality and
thus subject to moderate credit risk. The modifier 1
indicates that the obligations rank in the higher end of that
generic assessment category.
As defined by Fitch, an "A" rating denotes expectations of
low default risk. The capacity for payment of financial
A44808847
8

commitments is considered strong. This capacity may,
nevertheless, be more vulnerable to adverse business or
economic conditions than is the case for higher ratings.
The modifier (-) is appended to denote relative status
within this category.
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 issue of the Notes has an interest material to the issue.
4. REASONS FOR THE OFFER AND ESTIMATED NET PROCEEDS
(i)
Reasons for the offer:
The net proceeds will be used for the Issuer's general
funding requirements
(ii)
Estimated net proceeds:
GBP498,000,000.00
5. YIELD
Indication of yield:
1.874 per cent. per annum until the First Reset Date
The yield in respect of this issue of Notes is calculated on
the basis of the Issue Price using the following formula:
P=
C (1-(1+r)-n) + A(1+r)-n
r
where:
P
is the Issue Price of the Notes;
C
is the Interest Amount;
A
is the outstanding principal amount of Notes due
on redemption;
n
is time to 9 December 2026 in years; and
r
is the yield.
As set out above, the yield is calculated at the Issue Date
on the basis of the Issue Price. It is not an indication of
future yield.
6. OPERATIONAL INFORMATION
(i)
ISIN:
FR0014003W84
(ii)
Common Code:
235137615
(iii)
Any clearing system(s)
other
than
Euroclear
Bank
SA/NV
and
Clearstream
Banking
Société Anonyme and
A44808847
9

the relevant identification
number(s):
Euroclear France
(iv)
Delivery:
Delivery against payment
(v)
Names and addresses of
Paying
Agent(s)
(including any additional
Paying Agent(s)):
CACEIS Corporate Trust
14, rue Rouget de Lisle
92682 Issy Les Moulineaux
Cedex 9 France
7. DISTRIBUTION
1. Method of distribution:
Syndicated
2. If syndicated,
(i)
Names of Managers
(specifying
Lead
Manager):
Joint Lead Managers
Crédit Agricole Corporate and Investment Bank
NatWest Markets N.V.
Nomura Financial Products Europe GmbH
RBC Europe Limited
(ii)
Date of Subscription
Agreement (if any):
7 June 2021
(iii)
Stabilisation
Manager(s) (if any):
Crédit Agricole Corporate and Investment Bank
3. If non-syndicated, name of
Dealer:
Not Applicable
4. Intermediary(ies)
in
secondary trading:
Not Applicable
5. U.S. Selling Restrictions:
Reg. S Compliance Category 2; TEFRA Not Applicable
6. Prohibition of Sales to EEA
Retail Investors under the
PRIIPs Regulation:
Not Applicable
7. Prohibition of Sales to UK
Retail Investors under the
PRIIPs Regulation:
Not Applicable
8. Additional
Selling Not Applicable
Restrictions:
9. Specific Consent:
Not Applicable
A44808847
10