Crédit Agricole Assurances announces the launch of a tender offer for two series of subordinated fixed rate resettable notes and its intention to issue Tier 2 subordinated notes

Core Viewpoint - Crédit Agricole Assurances is launching a tender offer for two series of subordinated fixed rate resettable notes and intends to issue Tier 2 subordinated notes, aiming to manage its debt maturity profile effectively [1][2]. Group 1: Tender Offer Details - The tender offer involves two series of subordinated resettable notes issued in 2016 and 2018, each with an outstanding principal amount of €1,000 million [2][3]. - The existing notes bear fixed interest rates of 4.75% and 2.625% per annum, with the first reset dates set for 27 September and 29 January 2028, respectively [2][3]. - The tender offer is subject to a maximum acceptance amount, which is expected to match the aggregate principal amount of the new notes to be issued [3]. Group 2: New Notes Issuance - Crédit Agricole Assurances plans to issue new Tier 2 fixed rate euro subordinated notes due December 2036, contingent on market conditions [1][6]. - The new notes are expected to be rated BBB+ by S&P Global Ratings and will be structured to qualify as Tier 2 capital under Solvency II [6][7]. Group 3: Timeline and Process - The tender offer will commence on 8 January 2026 and conclude on 15 January 2026 at 4:00 PM Central European Time [4]. - Final results of the tender offer, including the total amount of existing notes tendered and accepted, will be announced on 16 January 2026 [4]. Group 4: Company Overview - Crédit Agricole Assurances is the largest insurer in France and part of the Crédit Agricole group, offering a wide range of insurance products and services [8]. - As of the end of 2024, the company had over 6,700 employees and reported premium income of €43.6 billion [8].