Credit Agricole sets rate

Credit Agricole has set the interest rate on its deeply subordinated notes at 10.035%.

The French bank has raised $250 million through its offer and the notes will begin trading on the NZDX tomorrow.

The initial interest rate for the first five years is 10.035%, reflecting the margin of 1.90% over the five year swap rate. The interest rate for a further five years will be reset on 19 December 2012 at the 1.90% margin over the prevailing swap rate. From 19 December 2017 the interest rate will be reset quarterly at the same margin over the prevailing 90-day bank bill rate.

The notes are direct, subordinated, unsecured obligations of Credit Agricole.

Credit Suisse was arranger for the issue of Notes and Credit Suisse and its strategic alliance partner First NZ Capital Securities Limited acted as joint lead managers of the issue. First NZ Capital Securities acted as organising participant of the issue.

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