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Crédit Agricole Assurances Successfully Launches €750 Million "Restricted Tier 1" Notes
Crédit Agricole Assurances announced the successful completion of its first issue of perpetual super subordinated "Restricted Tier 1" notes. The total nominal amount is €750 million, with an initial annual fixed interest rate of 6.250%, resetting in 2035. This strategic move aligns with the company's capital management policy, in anticipation of the expiry of transitional measures allowing older securities to qualify as "Tier 1" capital under Solvency II regulations.
The notes are structured to be eligible for "Tier 1" capital qualification, incorporating a loss absorption mechanism. They have been rated "BBB" by Standard & Poor's. Strong investor demand was evidenced by subscription intentions exceeding the nominal issue amount over threefold.
R. H.
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