Obligation Crédit Agricole SA 4% ( USF2R125CE38 ) en USD

Crédit Agricole SA

100 % ▲

France

USF2R125CE38 ( en USD )

4% par an ( paiement semestriel )

09/01/2033

Prospectus brochure de l'obligation Crédit Agricole USF2R125CE38 en USD 4%, échéance 09/01/2033

250 000 USD

1 250 000 000 USD

F2R125CE3

BBB+ ( Qualité moyenne inférieure )

N/A

10/07/2025 ( Dans 5 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 USD, avec le code ISIN USF2R125CE38, paye un coupon de 4% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 09/01/2033
L'Obligation émise par Crédit Agricole SA ( France ) , en USD, avec le code ISIN USF2R125CE38, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

Fixed Rate Resettable Pricing Term Sheet dated January 3, 2018

Crédit Agricole S.A.

U.S.$20,000,000,000
Medium-Term Note Program
Series No. 21
Tranche No. 1
US$1,250,000,000 Principal Amount of
Subordinated Fixed Rate Resettable Notes due 2033
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set
forth in the Base Offering Memorandum dated April 6, 2017 (the "Base Offering
Memorandum"), as supplemented by the preliminary offering memorandum supplement No. 1
dated January 3, 2018 to the Base Offering Memorandum (the "Preliminary Offering
Memorandum Supplement"). The Base Offering Memorandum as supplemented by the
Preliminary Offering Memorandum Supplement is herein called the "Preliminary Offering
Memorandum". This document constitutes the Pricing Term Sheet of the Notes described
herein and must be read in conjunction with the Preliminary Offering Memorandum. Full
information on the Issuer and the offer of the Notes is only available on the basis of the
combination of this Pricing Term Sheet and the Preliminary Offering Memorandum (including
the documents incorporated by reference therein). The Preliminary Offering Memorandum is
available from the dealers referred to herein.
Issuer:
Crédit Agricole S.A.
Expected Security Ratings*:
Moody's Investors Service Inc.: Baa2
Standard & Poor's Global Ratings: BBB
Fitch Ratings: A
Security:
Subordinated Fixed Rate Resettable Notes due 2033
The Notes constitute obligations under French Law
and are issued or deemed to be issued outside of
France. See "Status" below.
Principal Amount and
U.S.$ 1,250,000,000
Currency:
Offering Date:
January 3, 2018
Issue Date:
January 10, 2018 (T+5)
Maturity Date:
January 10, 2033
Call Date:
January 10, 2028
Issue Price:
99.381%
Treasury Benchmark:
UST 2.250% due November 15, 2027
Treasury Price:
98-08
Treasury Yield:
2.451%
[PARIS 866599_7]

Re-offer Spread to Benchmark: 162.5 bps
Re-offer Yield:
4.076%
Rate of Interest:
In the case of each Interest Period falling in the Initial
Period, the Initial Rate of Interest, or, in the case of
each Interest Period thereafter, the relevant Reset
Rate of Interest
Initial Rate of Interest:
4.000% per annum, payable semi-annually in arrear
from (and including) the Issue Date to (but
excluding) the Call Date
Initial Period:
From (and including) the Issue Date to (but
excluding) the Call Date
Interest Payment Dates:
Each January 10 and July 10, commencing on July
10, 2018 and ending on the Maturity Date
Interest Period:
Each period beginning on (and including) the Issue
Date or any Interest Payment Date and ending on (but
excluding) the next (or first) Interest Payment Date.
Reset Rate of Interest
The second Business Day prior to the Call Date.
Determination Date:
Reset Rate of Interest Basis and 5-Year Mid-Swap Rate (as defined in Condition 2
Spread on each Reset Rate of
(Definitions) of the Preliminary Offering
Interest Determination Date:
Memorandum Supplement), plus a margin of
1.644%, per annum.
Reset Interest Period:
The period beginning on (and including) the Call
Date and ending on (but excluding) the Maturity
Date.
Business Day Convention:
Following Business Day Convention Unadjusted
Day Count Fraction:
30/360, Following Business Day
Business Days:
Any day, not being a Saturday or a Sunday, on which
commercial banks and foreign exchange markets
settle payments and are open for general business
(including dealing in foreign exchange and foreign
currency deposits) in New York City.
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.
Optional Redemption:
Subject as provided in the Preliminary Offering
Memorandum Supplement and in particular to the
conditions described in Condition 6 (Redemption and
Purchase), the Issuer may, at its option, on the Call
Date, redeem all (but not some only) of the Notes at
par, together with accrued but unpaid interest (if any)
thereon.
Redemption upon the
Subject as provided in the Preliminary Offering
occurrence of a Tax Event or
Memorandum Supplement and in particular to the
Capital Event:
conditions described in Condition 6 (Redemption and

Purchase), upon the occurrence of a Tax Event or a
Capital Event, the Issuer may, at its option, at any
time, redeem all (but not some only) of the
outstanding Notes at their Redemption Amount (as
defined in the Preliminary Offering Memorandum),
together with accrued but unpaid interest (if any)
thereon.
Tax Event:
Tax Event means, as a result of a change, on or after
the issue date, in applicable laws, regulations or
rulings, the Issuer would be required to pay
additional amounts on the Notes, as further defined in
Condition 6.4 (Redemption upon the occurrence of a
Tax Event).
Capital Event:
Capital Event means, a change in the regulatory
classification of the Notes that was not reasonably
foreseeable at the Issue Date, as a result of which the
Notes would be fully excluded from Tier 2 Capital
(as defined in the Preliminary Offering
Memorandum).
Status:
The Notes are subordinated notes (constituting
obligations under French law) issued pursuant to the
provisions of Article L. 228-97 of the French Code de
commerce.
Principal and interest of the Notes constitute direct,
unconditional, unsecured and subordinated
obligations of the Issuer and rank (a) pari passu
without any preference among themselves, (b) pari
passu with (i) any obligations or capital instruments
of the Issuer which constitute Tier 2 Capital of the
Issuer, and (ii) any other present and future direct,
unconditional, unsecured and subordinated
obligations of the Issuer that rank or are expressed to
rank equally with the Notes, (c) senior to any present
and future prêts participatifs granted to the Issuer,
titres participatifs issued by the Issuer and deeply
subordinated obligations of the Issuer (engagements
dits "super subordonnés" or engagements
subordonnés de dernier rang), and (d) junior to
present and future unsubordinated creditors
(including depositors) of the Issuer and subordinated
creditors of the Issuer other than the present or future
claims of creditors that rank or are expressed to rank
pari passu with or junior to the Notes.
Waiver 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
Dealers:
Credit Agricole Securities (USA) Inc.
Citigroup Global Markets Inc.
Goldman Sachs & Co. LLC
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
UniCredit Capital Markets LLC
Rule 144A CUSIP / ISIN:
225313 AK1 / US225313AK19
Regulation S CUSIP / ISIN:
F2R125 CE3 / USF2R125CE38
* 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 Preliminary Offering
Memorandum and are qualified thereby. Potential investors should refer to the Preliminary 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.$1,235,387,500 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
January 10, 2018 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.
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 Preliminary 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 Preliminary Offering Memorandum for this transaction
from the Dealers referred to herein.