Crédit Agricole Assurances Issues €750 Million Tier 2 Notes
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Crédit Agricole Assurances Successfully Places €750 Million in Tier 2 Notes
Crédit Agricole Assurances, an influential player in the insurance market, has recently achieved a significant milestone by successfully placing €750 million in Tier 2 subordinated notes at a competitive fixed rate of 4.500% per annum. This move aims to support its ongoing capital management strategy while providing investors with attractive long-term investment opportunities.
Details of the Tender Offers
The recent tender offers launched for two series of undated subordinated notes issued in 2014 and 2015 have placed Crédit Agricole Assurances in a prime position to manage its capital effectively. Effective September 3, 2024, the company announced its intention to set the Maximum Acceptance Amount for these tender offers at €750 million, mirroring the fresh issuance.
New Fixed Rate Issue
The newly issued notes will mature in December 2034 and are structured to qualify as Tier 2 capital under the Solvency II regulations. With a projected interest rate of 4.500% until maturity, these notes have already drawn significant investor interest, with subscription levels exceeding 4.5 times the total amount available.
Investor Demand and Market Reception
The issuance was met with robust demand from the market, highlighting extensive interest from investors looking for reliable and profitable investment options. The scheduled settlement date for the new notes is set for September 12, 2024, marking the completion of this strategic financing initiative.
Crédit Agricole Assurances: A Leader in Insurance
Crédit Agricole Assurances stands as France's largest insurer, offering a diverse portfolio of products that includes savings, retirement, health, and property insurance. With a workforce of approximately 5,800 employees, the organization recorded premium income of €37.2 billion by the end of 2023. The company's operations extend beyond national borders, servicing customers in nine countries worldwide.
Contacting Crédit Agricole Assurances
For investors and qualifying holders interested in participating in the tender offers or seeking additional information, please reach out to the designated contacts:
- Nicolas Leviaux: +33 (0)1 57 72 09 50 / 06 19 60 48 53
- Julien Badé: +33 (0)1 57 72 93 40 / 07 85 18 68 05
- Email: service.presse@ca-assurances.fr
Frequently Asked Questions
What is the purpose of the new €750 million issuance?
The issuance is part of Crédit Agricole Assurances' ongoing capital management strategy aimed at strengthening its financial position and meeting regulatory capital requirements.
What are Tier 2 subordinated notes?
Tier 2 subordinated notes are a type of security that helps financial institutions to augment their capital base, carrying higher yields but with a higher risk compared to senior debt instruments.
Who is eligible to participate in the tender offers?
Qualifying holders of the existing subordinated notes issued in 2014 and 2015 are eligible to participate in the tender offers.
When will the results of the tender offers be announced?
The results of the tender offers, including the total nominal amount of existing notes accepted for purchase, will be made public on September 11, 2024.
How much interest will the new notes accrue?
The new subordinated notes will accrue interest at a fixed rate of 4.500% annually until their maturity in December 2034.
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