TIDM94YB
RNS Number : 9397T
Credit Agricole Corp & Inv Bank
25 March 2019
NOTICE TO HOLDERS OF SECURITIES
25 March 2019
Issue of USD 30,000,000 Floating Rate Notes due March 2024
issued by
CRÉDIT AGRICOLE CIB FINANCIAL SOLUTIONS (the "Issuer")
guaranteed by CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
pursuant to the EUR50,000,000,000 Structured Debt Instruments
Issuance Programme
ISIN: XS1883116441
Series: 3270
(the "Securities")
Reference is made to:
(1) the base prospectus relating to the Programme dated 9 May
2018 as supplemented from time to time (the "Base Prospectus");
and
(2) the final terms in respect of the Securities dated 22 March
2019 (the "Final Terms" and, together with the Base Prospectus, the
"Securities Documentation").
Notice is hereby given to the holders of all outstanding
Securities that the Issuer will, pursuant to General Condition 15
(MEETINGS OF NOTEHOLDERS, MODIFICATION AND WAIVER) amend and
restate the Original Final Terms.
Accordingly, the Original Final Terms has been replaced in its
entirety with the amended and restated Final Terms, a draft form of
which is attached in the Appendix to this Notice (showing marked-up
changes against the Original Final Terms) (the "Amended and
Restated Final Terms").
Capitalised terms used in this Notice and not defined have the
meanings given to them in the Base Prospectus and the Amended and
Restated Final Terms. Copies of the Notes Documentation and the
Amended and Restated Final Terms are available at the offices of
the Principal Paying Agent, CACEIS Bank Luxembourg, 5 Allée
Scheffer, L-2520, Luxembourg.
CRÉDIT AGRICOLE CIB FINANCIAL SOLUTIONS
22 March 2019
FINAL TERMS
As amended and restated on 25 March 2019
Issue of USD 30,000,000 Floating Rate Notes due March 2024
under the EUR50,000,000,000
Structured Debt Instruments Issuance Programme
by
CRÉDIT AGRICOLE CIB FINANCIAL SOLUTIONS
guaranteed by CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
PART A - CONTRACTUAL TERMS
This document constitutes the Final Terms of the Securities
described herein for the purposes of Article 5.4 of the Directive
2003/71/EC (and amendments thereto, including the Directive
2010/73/EU, to the extent implemented in the Relevant Member
State), including any relevant implementing measure in the Relevant
Member State (the Prospectus Directive) and must be read in
conjunction with the Base Prospectus dated 9 May 2018 and the
supplements dated 12 June 2018, 18 June 2018, 27 June 2018, 6
September 2018, 2 November 2018, 13 November 2018 and 1 February
2019 which together constitute a base prospectus for the purposes
of the Prospectus Directive. Full information on the Issuer, the
Guarantor and the offer of the Securities is only available on the
basis of the combination of these Final Terms and the Base
Prospectus. A summary of the issue of the Securities is annexed to
these Final Terms at Annex A. The Base Prospectus is available for
viewing on the Luxembourg Stock Exchange website (www.bourse.lu)
and during normal business hours at the registered office of Crédit
Agricole CIB (www.ca-cib.com) and the specified office of the
Principal Paying Agent.
1. (a) Series Number: 3394
(b) Type of Securities: Notes
(c) Tranche Number: 1
(d) Date on which the Securities become fungible: Not Applicable
2. Specified Currency: United States Dollar
(USD)
3. Aggregate Nominal Amount:
(a) Series: USD 30,000,000
(b) Tranche: USD 30,000,000
4. Issue Price: 100.00 per cent. of the
Aggregate Nominal Amount
5. (a) Specified Denominations: USD 2,000
(b) Minimum Trading Size: Not Applicable
(c) Calculation Amount: USD 2,000
6. (a) Issue Date: 22 March 2019
(b) Trade Date(s): 1 February 2019
(c) Interest Commencement Date: Issue Date
7. Redemption Date: 22 March 2024
Subject to any early
redemption date.
8. Type of Notes :
(a) Interest: Floating Rate
Security
(Further particulars
specified below in
"PROVISIONS RELATING TO
INTEREST (IF ANY)
PAYABLE")
(b) Redemption: Relevant Redemption
Method(s):
For the purpose of
determining the Final
Redemption Amount:
Standard Redemption
(Further particulars
specified below in
"PROVISIONS RELATING TO
REDEMPTION")
9. Date Board approval for issuance of Securities obtained: Authorisation given by
the Board of Directors
of Crédit Agricole
CIB Financial Solutions
dated 28 September 2018
10. Method of distribution: Non-syndicated
11. Asset Conditions: Not Applicable
12. Alternative Currency Conditions: Not Applicable
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13. Fixed Rate Security: Not Applicable
14. Floating Rate Security: Applicable
(a) Applicable to: All Interest Accrual
Periods
(b) Interest Payment Dates: Annually on 22 March in
each year from and
including 22 March 2020
up to and including the
Redemption Date
(c) Interest Period Dates: Not Applicable
(d) Interest Determination Date(s): Two (2) London Business
Days prior to the first
day of the relevant
Interest Accrual Period
(e) Business Day Convention for the Not Applicable
purposes of adjustment of "Interest
Accrual Periods" in
accordance with sub-paragraph (n)
below):
(f) Additional Business Centre(s): Not Applicable
(g) Rate(s) of Interest: Determined in accordance
with ISDA Determination
(h) Screen Rate Determination: Not Applicable
(i) ISDA Determination: Applicable
USD-LIBOR-ICE (formerly
* Floating Rate Option: known as USD-LIBOR-BBA)
Three (3) months
* Designated Maturity:
First day of the
* Reset Date: relevant Interest
Accrual Period
(j) Margin(s): Not Applicable
(k) Minimum Rate of Interest: 2.80 per cent. per annum
(l) Maximum Rate of Interest: 5.00 per cent. per annum
(m) Day Count Fraction: 30/360
(n) Interest Accrual Periods: Interest Accrual Periods
will be unadjusted
(o) Determination Date(s): Not Applicable
(p) Additional Disruption Event: Applicable in accordance
with General Condition
4.2(e)
(q) Universal Leverage: Not Applicable
15. Linked Interest Security: Not Applicable
16. Zero Coupon Security: Not Applicable
PAYOFF FEATURES (IF ANY) RELATING
TO INTEREST
17. Payoff Features: Not Applicable
PROVISIONS RELATING TO REDEMPTION
18. Redemption Determination For the
Date(s): purposes
of determining
the Final
Redemption
Amount:
the Redemption
Date
19. Redemption Method:
(a) Early Redemption Amount Not Applicable
for the purposes of General as no
Condition 6.2 (Early Redemption Early
Trigger Events) determined Redemption
in accordance with: Trigger
Events
apply
Investors
should
note that
General
Condition
6.8 applies
for the
purposes
of any
early
redemption
amount
calculated
in accordance
with the
conditions
referred
to in
General
Condition
6.8 (Fair
Market
Value
Redemption
Amounts)
(b) Final Redemption Amount Standard
for the purposes of General Redemption
Condition 6.1 (Redemption determined
by Instalments and Final in accordance
Redemption) determined in with Annex
accordance with: 9, Paragraph
2
The Final
Redemption
Amount
will be
equal
to:
Reference
Price
x Nominal
Amount
as determined
by the
Calculation
Agent
on the
Redemption
Determination
Date
Not Applicable
* Redemption Payoff:
Not Applicable
* Redemption Unwind Costs:
Not Applicable
* Payoff Feature Unwind Costs:
100.00
* Reference Price: per cent
(c) Fair Market Value Redemption Applicable
Amount:
Not Applicable
* Fair Market Value Redemption Amount Percentage:
(d) Instalment Redemption Not Applicable
Amount determined in accordance
with:
(e) Physical Settlement: Not Applicable
(f) Clean-up Call Option Not Applicable
(General Condition 6.7 (Clean-up
Call Option)):
20. Instalment Securities: Not Applicable
21. Credit Linked Securities: Not Applicable
22. Bond Linked Securities: Not Applicable
23. Linked Redemption Security: Not Applicable
24. Early Redemption Trigger Not Applicable
Event(s):
PAYOFF FEATURES (IF ANY) RELATING TO REDEMPTION
25. Payoff Features: Not Applicable
PROVISIONS APPLICABLE TO SECURED SECURITIES
26. Secured Security Not Applicable
Provisions:
GENERAL PROVISIONS APPLICABLE TO THE SECURITIES
27. (a) Form: Bearer Form:
Temporary Bearer Global
Security exchangeable for
a Permanent Bearer Global
Security which
is exchangeable for
Definitive Bearer
Securities only upon an
Exchange Event
(b) Notes in New Global NGN Notes
Note form (NGN Notes) or
Certificates in New Global
Note form (NGN
Certificates):
(c) Transfer of interest in Transfers of Securities
Regulation S Global to IAIs:
Securities: Not Applicable
28. Business Day Convention for Modified Following
the purposes of "Payment Payment Business Day
Business Day" election in
accordance
with General Condition 5.6
(Payment Business Day):
29. Additional Financial London and New York City
Centre(s):
30. Additional Business Not Applicable
Centre(s):
31. Talons for future Coupons No
or Receipts to be attached
to Definitive Bearer
Securities and dates
on which such Talons
mature:
32. Redenomination (for the Not Applicable
purposes of General
Condition 3.1):
33. (a) Redemption for tax Not Applicable
reasons (General Condition
6.3 (Redemption for tax
reasons)):
(b) Special Tax Redemption Not Applicable
(General Condition 6.4
(Special Tax Redemption)):
(c) Redemption for FATCA Applicable
Withholding (General
Condition 6.5 (Redemption
for FATCA Withholding)):
(d) Regulatory Redemption Applicable
or Compulsory Resales
(General Condition 6.6
(Regulatory Redemption
or Compulsory Resales)):
(e) Events of Default Applicable
(General Condition 10
(Events of Default)):
(f) Illegality and Force Applicable
Majeure (General Condition
19 (Illegality and Force
Majeure)):
34. Gross Up (General Condition Not Applicable
8.2 (Gross Up)):
35. Calculation Agent: Crédit Agricole
Corporate and Investment
Bank
36. Delivery Agent (Credit Not Applicable
Linked Securities, Bond
Linked Securities, ETF
Linked Securities subject
to physical delivery or
Share Linked Securities
subject to physical
delivery):
37. Business Day Convention: Modified Following
Business Day Convention
38. Benchmark Provisions:
(a) Additional Relevant Not Applicable
Rate Benchmark:
(b) Specified Public As per the definition in
Source: the Definitions Condition
(c) Relevant Commodity As per the definition in
Benchmark: Commodity Linked Asset
Condition 2
(d) Relevant Index As per the definition in
Benchmark: Index Linked Asset
Condition 2
(e) Relevant FX Benchmark: As per the definition in
FX Linked Asset Condition
2
(f) Relevant Inflation As per the definition in
Index Benchmark: Inflation Linked Asset
Condition 1
(g) Relevant Rate As per the definition in
Benchmark: Rate Linked Asset
Condition 5
(h) Impacted Index: Not Applicable
OPERATIONAL INFORMATION
39. Branch of Account for the Not Applicable
purposes of General
Condition 5.5 (General
provisions applicable
to payments):
THIRD PARTY INFORMATION
Not Applicable
Signed on behalf of the Issuer:
By:
Duly authorised
PART B - OTHER INFORMATION
1 LISTING AND ADMISSION
TO TRADING
(i) Application has been made by the relevant Issuer (or on its behalf) for the Securities to
Listing be admitted to trading on the London Stock Exchange's regulated market with effect from or
and as soon as practicable after the Issue Date and to be listed on the Official List of the
admission London
to Stock Exchange.
trading: GBP 1,967 + EUR 500.00
(ii)
Estimate
of total
expenses
related to
admission
to
trading:
2 RATINGS
Ratings: The Securities to be issued have not been rated
3 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save for any fees payable to the Dealer and any distributor, so far as the Issuer is aware,
no person involved in the issue of the Securities has an interest material to the offer.
4 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i) Reasons for See "Use of Proceeds" wording in Base Prospectus
the offer: USD 30,000,000
(ii) Estimated Not Applicable
net proceeds:
(iii) Estimated
total expenses:
5 YIELD
Not Applicable
6 HISTORIC INTEREST RATES
Not Applicable
7 PERFORMANCE OF UNDERLYING AND OTHER INFORMATION CONCERNING THE UNDERLYING
Not Applicable
Post-issuance information
The Issuer does not intend to publish post-issuance information in relation to any underlying
element to which the Securities are linked.
8 PERFORMANCE OF RATE[S] OF EXCHANGE AND OTHER INFORMATION CONCERNING THE UNDERLYING
Not Applicable
9 DISTRIBUTION
(i) Method of Non-syndicated
distribution:
(ii) If syndicated: Not Applicable
(iii) (iii) If Crédit Agricole Corporate and Investment Bank
non-syndicated, name 12, place des États-Unis
of Dealer: CS 70052
92 547 Montrouge Cedex
France
(iv) (iv) Indication Not Applicable
of the overall amount
of the underwriting
commission and of the
placing
commission:
(v) U.S. Selling Reg. S Compliance Category 2
Restrictions: Securities in Bearer Form - TEFRA D
10 OPERATIONAL
INFORMATION
(i) ISIN Code: XS1883116441
(ii) Temporary ISIN: Not Applicable
(iii) Common Code: 188311644
(iv) VALOREN Code: Not Applicable
(v) Other applicable security Not Applicable
identification number:
(vi) Relevant clearing system(s) Not Applicable
other than Euroclear Bank
S.A./N.V. and Clearstream
Banking,
société anonyme and the
relevant identification
number(s):
(vii) Delivery: Delivery against payment
(viii) Names and addresses of Not Applicable
additional Paying Agent(s) (if
any):
(ix) Securities intended to be No
held in a manner which would Whilst the designation is specified as "no" at the date of these Final Terms, should the
allow Eurosystem eligibility: Eurosystem
eligibility criteria be amended in the future such that the Securities are capable of
meeting
them, the Securities may then be deposited with one of the ICSDs as common safekeeper).
Note
that this does not necessarily mean that the Securities will then be recognised as eligible
collateral for Eurosystem monetary policy and intraday credit operations by the Eurosystem
at any time during their life. Such recognition will depend upon the ECB being satisfied
that
Eurosystem eligibility criteria have been met.
11 EU BENCHMARK
REGULATION
EU Benchmark Regulation: Article Applicable: Amounts payable under the Securities are calculated by reference to the 3
29(2) statement on benchmarks: months
London Interbank Offered Rate, which is provided by ICE Benchmark Administration.
As at the date of these Final Terms, ICE Benchmark Administration is included in the
register
of administrators and benchmarks established and maintained by the European Securities and
Markets Authority (ESMA) pursuant to article 36 of the Benchmark Regulation (Regulation
(EU)
2016/1011) (the Benchmarks Regulation).
12 TERMS AND CONDITIONS OF THE OFFER
Not Applicable
ANNEX A - SUMMARY
Summaries are made up of disclosure requirements known as
"Elements". These Elements are numbered in Sections A - E (A.1 -
E.7).
This summary contains all the Elements required to be included
in a summary for these types of securities and issuers. Some
Elements are not required to be addressed and accordingly there may
be gaps in the numbering sequence of the elements.
Even though an Element may be required to be inserted in the
summary because of the type of securities and issuers, it is
possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is
included in the summary with the mention of "Not Applicable".
Section A - Introduction and Warnings
A.1 Introduction and warnings This summary should be read as an introduction to the
Base Prospectus. Any decision to invest
in Securities should be based on consideration of the
Base Prospectus as a whole by the investor.
Where a claim relating to the information contained in
the Base Prospectus is brought before
a court, the plaintiff investor might, under the
national legislation of the Member States,
have to bear the costs of translating the Base
Prospectus before the legal proceedings are
initiated.
Civil liability attaches only to those persons who
have tabled the summary, including any
translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when
read together with the other parts of the Base
Prospectus or it does not provide, when read
together with the other parts of the Base Prospectus,
key information in order to aid investors
when considering whether to invest in the Securities.
------------------------------------------------------- -------------------------------------------------------
A.2 Consent for use of Base Prospectus in subsequent Not Applicable. The Securities are not subject to a
resale or final placement, indication of Public Offer in the European Economic
offer period and conditions to consent for subsequent Area.
resale or final placement and warning
------------------------------------------------------- -------------------------------------------------------
Section B - Issuer and Guarantor
B.1 Legal and Crédit Agricole CIB Financial Solutions (Crédit Agricole CIB FS or the Issuer).
commercial
name of the
Issuer
--------------- -----------------------------------------------------------------------------------------------
B.2 Domicile and Crédit Agricole CIB FS is a limited liability company incorporated in France as a
legal form of "société
the Issuer, anonyme" and whose registered office is located at 12 place des États-Unis, CS 70052,
legislation 92 547 Montrouge Cedex, France. As a French corporation having limited liability, Crédit
under which Agricole CIB FS is subject to articles L.225-1 and following of Book 2 of the Code de
the Issuer commerce
operates and of France. As a financial institution, Crédit Agricole CIB FS is subject to articles
country L.511-1 and following and L.531-1 and following of the Code monétaire et financier of
of France.
incorporation
of Issuer
--------------- -----------------------------------------------------------------------------------------------
B.4b Known trends Known trends affecting the Issuer and the companies of the Crédit Agricole CIB Group
affecting (the Group), as well as the sectors in which the Group and the Issuer operate, include:
Issuer and - the continuing evolution of the global economic environment (Brexit, European migrant
Issuer's crisis,
industries instability in the Middle East and elections in key countries);
- the reform of the solvency ratios under Basel 3 (CRR / CRD4), with the minimum requirement
of CET1 set at 4.5 per cent. in 2015 and for the following years;
- the ongoing international debate on the harmonization of accounting standards;
- the implementation of resolution mechanism both at the national and European levels; and
- changes in the regulatory framework imposing an ever more prudent treatment of the balance
sheet, including the management of indicators based on the total balance sheet size, e.g.
the leverage ratio, the Minimum Required Eligible Liabilities (MREL) from the European Bank
Recovery and Resolution Directive (BRRD), based on the total liabilities and aimed at ensuring
a minimum level of eligible debt for a bail-in, Total Loss Absorption Capacity (TLAC), as
well as contributions to the Single Resolution Fund or the Bank Levy.
--------------- -----------------------------------------------------------------------------------------------
B.5 Description of Please refer to Elements B.14 and B.16.
group and The Group includes Crédit Agricole CIB FS, which is a consolidated subsidiary of
Issuer's Crédit
position Agricole CIB. Crédit Agricole CIB FS has no subsidiaries.
within the
group
--------------- -----------------------------------------------------------------------------------------------
B.9 Profit Not Applicable. Crédit Agricole CIB FS does not make profit forecasts or estimates.
forecast or
estimate
--------------- -----------------------------------------------------------------------------------------------
B.10 Qualifications Not Applicable. There were no qualifications in the audit report on historical financial
in audit information
report on for Crédit Agricole CIB FS.
historical
financial
information
--------------- -----------------------------------------------------------------------------------------------
B.12 Selected key The following table shows Crédit Agricole CIB FS's selected key financial information
financial as at and for the period ending 30 June 2018:
information Euros 30/06/2018 31/12/2017
and no (unaudited) (audited)
material Total Balance Sheet 6,368,582,264 5,309,248,797
adverse change Share capital 225,000 225,000
and no Result carried forward 22,901 (19,872)
significant Net result 0 (3,029)
change The following table shows Crédit Agricole CIB FS's selected key financial information
statements as at and for the period ending 31 December 2017:
Euros 31/12/2017 31/12/2016
(audited) (audited)
Total Balance Sheet 5,309,248,797 3,794,941,765
Share capital 225,000 225,000
Result carried forward (19,872) (21,469)
Net result (3,029) 1,597
Not Applicable. There has been no significant change in the financial or trading position
of Crédit Agricole CIB FS since 30 June 2018. There has been no material adverse change
in the prospects of Crédit Agricole CIB FS since 31 December 2017.
B.13 Recent events Not Applicable. There have been no recent events that are materially relevant to the
materially evaluation
relevant to of the solvency of Crédit Agricole CIB FS.
evaluation of
Issuer's
solvency
B.14 Dependency of Please refer to Elements B.5 and B.16.
Issuer on Crédit Agricole CIB FS is dependent on Crédit Agricole CIB.
other entities
within the
group
B.15 Description of Crédit Agricole CIB FS carries on business as a finance company, issuing warrants,
Issuer's securities
principal and other financial instruments.
activities
--------------- -----------------------------------------------------------------------------------------------
B.16 Description of Crédit Agricole CIB is the immediate parent company of Crédit Agricole CIB FS with
whether the a 99.64 per cent. stake and therefore controls Crédit Agricole CIB FS.
Issuer is
directly
or indirectly
owned or
controlled and
by whom and
nature of such
control
--------------- -----------------------------------------------------------------------------------------------
B.17 Credit ratings Not Applicable. Crédit Agricole CIB FS does not have ratings.
assigned to Not Applicable. The Securities have not been rated.
the issuer or
its debt
securities at
the request or
with the
cooperation
of the issuer
in the rating
process
B.18 A description The payment of all amounts due in relation to Securities are irrevocably and unconditionally
of the nature guaranteed by Crédit Agricole CIB pursuant to a guarantee dated 9 May 2018 (the
and scope of Guarantee).
the guarantee
B.19 Section B Please see the Elements below regarding Crédit Agricole CIB, as Guarantor.
information
about
guarantor as
if it were
issuer of the
same type of
security that
is the subject
of the
guarantee.
Therefore
provide such
information as
required for a
summary
for the
relevant
annex.
--------------- -----------------------------------------------------------------------------------------------
B19/ Legal and Crédit Agricole Corporate and Investment Bank - Crédit Agricole CIB - CACIB
B.1 commercial (Crédit
name of the Agricole CIB or the Guarantor)
guarantor
--------------- -----------------------------------------------------------------------------------------------
B.19 Domicile and Crédit Agricole Corporate and Investment Bank is a French Société Anonyme
/ legal form of (joint
B.2 the guarantor, stock company) with a Board of Directors governed by ordinary company law, in particular the
legislation Second Book of the French Commercial Code (Code de commerce).
under which Crédit Agricole Corporate and Investment Bank's registered office is located at 12 place
the guarantor des États-Unis, CS 70052, 92 547 Montrouge Cedex, France.
operates and Crédit Agricole Corporate and Investment Bank is a credit institution approved in France
country of and authorised to conduct all banking operations and provide all investment and related
incorporation services
of guarantor referred to in the French Monetary and Financial Code (Code monétaire et financier).
In this respect, Crédit Agricole CIB is subject to oversight of the European and French
responsible supervisory authorities, particularly the European Central Bank and the French
Prudential and Resolution Supervisory Authority (ACPR). In its capacity as a credit
institution
authorised to provide investment services, Crédit Agricole Corporate and Investment Bank
is subject to the French Monetary and Financial Code (Code monétaire et financier),
particularly
the provisions relating to the activity and control of credit institutions and investment
service providers.
--------------- -----------------------------------------------------------------------------------------------
B.19 Known trends Known trends affecting the Guarantor and the companies of the Crédit Agricole CIB Group
/ affecting (the Group), as well as the sectors in which the Group and the Guarantor operate, include:
B.4b guarantor and - the continuing evolution of the global economic environment (Brexit, European migrant
guarantor's crisis,
industries instability in the Middle East and elections in key countries);
- the reform of the solvency ratios under Basel 3 (CRR / CRD4), with the minimum requirement
of CET1 set at 4.5 per cent. in 2015 and for the following years;
- the ongoing international debate on the harmonization of accounting standards;
- the implementation of resolution mechanism both at the national and European levels; and
- changes in the regulatory framework imposing an ever more prudent treatment of the balance
sheet, including the management of indicators based on the total balance sheet size, e.g.
the leverage ratio, the Minimum Required Eligible Liabilities (MREL) from the European Bank
Recovery and Resolution Directive (BRRD), based on the total liabilities and aimed at ensuring
a minimum level of eligible debt for a bail-in, Total Loss Absorption Capacity (TLAC), as
well as contributions to the Single Resolution Fund or the Bank Levy.
--------------- -----------------------------------------------------------------------------------------------
B19/ Description of Please refer to Elements B.19/B.14 and B.19/B.16.
B.5 group and Crédit Agricole CIB is directly owned by Crédit Agricole S.A., the listed entity
guarantor's of the Crédit Agricole S.A. group (the Crédit Agricole Group). Crédit Agricole
position CIB is the parent company of the Group. The Group is the corporate and investment banking
within the arm of the Crédit Agricole Group.
group
--------------- -----------------------------------------------------------------------------------------------
B.19 Profit Not Applicable. Crédit Agricole CIB does not make profit forecasts or estimates.
/ forecast or
B.9 estimate
--------------- -----------------------------------------------------------------------------------------------
B.19 Qualifications Not Applicable. There were no qualifications in the audit report on historical financial
/ in audit information
B.10 report on for Crédit Agricole CIB.
historical
financial
information
--------------- -----------------------------------------------------------------------------------------------
B.19 Selected key The following table shows Crédit Agricole CIB's selected key financial information as
/ financial at and for the period ending 31 December 2017:
B.12 information (consolidated data in 01/01/2017-31/12/2017 01/01/2016-31/12/2016
and no millions of euros) (audited) (audited)
material Income statement
adverse change Revenues 4,999 4,936
and no Gross operating income 1,814 1,856
significant Net income 1,165 1,196
change Net income (group share) 1,156 1,182
statements --------------- ---------------
(consolidated data in 31/12/2017 31/12/2016
billions of euros) (audited) (audited)
Total liabilities and 488.6 524.3
shareholders' equity
Loans and advances to 161.3 170.1
banks and customers
Due to banks and customers 151.0 154.9
Equity, Group Share 18.9 19.5
--------------- ---------------
Total shareholders' equity 19.0 19.6
Ratios of Crédit Agricole 31/12/2017 (Basel 3) 31/12/2016 (Basel 3)
CIB (unaudited) (unaudited)
Core Tier 1 solvency ratio 12.0% 11.7%
Tier 1 solvency ratio 16.2% 15.6%
Total solvency ratio 19.0% 18.1%
Selected key financial information of Crédit
Agricole CIB
(consolidated data in 30/06/2018 30/06/2017
millions of euros)
----------- -----------
Income statement
Net Banking Income 2,833 2,573
Gross operating income 1,099 922
Net income 778 638
Net income (group share) 774 632
(consolidated data in 30/06/2018 30/06/2017
billions of euros)
----------- -----------
Total liabilities and
shareholders' equity 514.8 506.9
Loans and receivables
to banks and customers 155.1 161.2
Due to banks and customers 164.3 156.1
Equity, Group Share 19.1 19.1
Total shareholders' equity 19.2 19.2
Ratios of Crédit 30/06/2018 30/06/2017
Agricole CIB
----------- -----------
Core Tier 1 solvency
ratio (Phased-in) 10.7% 12.1%
Tier 1 solvency ratio
(Phased-in) 14.7% 16.2%
Total solvency ratio
(Phased-in) 17.5% 19.0%
Not Applicable. There has been no significant change in the financial or the trading position
of Crédit Agricole CIB since 30 June 2018.There has been no material adverse change in
the prospects of Crédit Agricole CIB since 31 December 2017.
--------------- -----------------------------------------------------------------------------------------------
B.19 Recent events 40. CHANGES IN TAX LEGISLATION IN FRANCE AND THE UNITED STATES
/ materially 40.1 Changes in French Tax Legislation
B.13 relevant to The first Amending Finance Act for 2017 was adopted definitively by the National
evaluation of Assembly
guarantor's on 14 November 2017. It was validated by the Constitutional Council on 29 November
solvency 2017 and
published in the Official Journal of the French Republic on 2 December 2017. The
second for
2017 and the Finance Act for 2018 were adopted in 21 December 2017 by the National
Assembly
and published in the Official Journal of the French Republic on 29 and 31 December
2017. The
changes related to the corporate income tax had significant effects on the accounts
of the
Crédit Agricole Group at 31 December 2017.
(a) Changes to the French Corporate Income Tax Rate in 2019/2022
The Finance Act for 2018 includes in Article 219-1 of the French General Tax Code a
gradual
lowering of the corporate income tax rate with the aim of bringing it down gradually
to 25
per cent. in 2022 for all companies. For the financial years 2019, 2020, 2021 and
2022, the
maximum normal rate, including a social security tax of 3.3 per cent., will be
reduced to
32.023 per cent., 28.92 per cent., 27.37 per cent. and 25.83 per cent.
As a result, the deferred tax assets and liabilities at 31 December 2017 were
measured at
the amount that is expected to be paid to or received from the tax authorities
having regard
to the dates of repayment or the recoverability of the deferred tax bases.
The impact on the consolidated financial statements of the Group of this change in
legislation
is an increase in the tax charge of EUR13 million.
(b) Exceptional Taxes on the Corporate Income Tax of Large French Companies
Article 1 of the first Amending Finance Act for 2017 creates two corporate income
taxes for
the financial years ended between 31 December 2017 and 31 December 2018:
(i) An exceptional tax equal to 15 per cent. of the corporate income tax due (before
any tax
credits or tax debts of any kind are charged) by corporates with revenues above EUR1
billion.
This exceptional tax raises the effective tax rate to 39.43 per cent.
(ii) An additional tax equal to 15 per cent. of the corporate income tax due (before
any reductions,
tax credits or tax debts of any kind are charged) by corporates with revenues above
EUR3 billion.
This exceptional tax raises the effective tax rate to 44.43 per cent.
The impact on the Group's net income is an additional tax charge of EUR11.2 million.
40.2 Changes in United States Tax Legislation
Change in the Corporate Income Tax Rate in the United States from 1 January 2018
The US tax reform law was signed in 22 December 2017 by President Trump and has
therefore
been adopted definitively. Among other things, this reform lowers the income tax
rate for
US corporations from 35 per cent. to 21 per cent. for financial years starting on or
after
1 January 2018.
This reduction in the income tax rate has an immediate effect on the deferred taxes
of the
Group's US subsidiaries, mainly in the Large Customers and Corporate and Investment
Banking
business lines.
Factoring in the future reductions in the corporate income tax in regard to the
deferred tax
assets and liabilities of the Group's North American companies, these reductions had
an impact
of EUR70.5 million in 2017.
41. PRINCIPAL CHANGES IN THE SCOPE OF CONSOLIDATION
41.1 Disposal by Crédit Agricole CIB of its Stake in Banque Saudi Fransi
On 20 September 2017, of the 31.1 per cent. of Banque Saudi Fransi securities held,
CACIB
sold 16.2 per cent. to Kingdom Holding Company for the amount of EUR1.3 billion.
This disposal
entails a notable loss of influence, and the securities retained were revalued at
their fair
value under the classification as available-for-sale securities.
The impact of this sale and of the revaluation of the securities retained, net of
the Saudi
and French taxes associated with them, amounted to EUR102 million booked as a
portion of net
income for the period of the equity-accounted entities at 31 December 2017.
41.2 Acquisition of Wealth Management Activities from Crédit Industriel et
Commercial
in Singapore and Hong Kong
On 2 December 2017, Indosuez Wealth Management finalised the acquisition of the
private banking
activities of Credit Industriel et Commercial in Singapore and all the share capital
of CIC
Investors Services in Hong Kong.
This transaction is part of Credit Agricole's Medium-Term Plan, "Strategic Ambition
2020".
It will boost the presence of Indosuez Wealth Management in the Group's wealth
management
activities in Asia.
42. AGREEMENT FOR THE ACQUISITION OF THE MAJORITY OF THE SHARE CAPITAL OF BANCA
LEONARDO
Indosuez Wealth Management signed an agreement for the acquisition of the majority
of the
share capital of Banca Leonardo, a top-ranking independent player in the asset
management
business in Italy.
This buyback is part of the Crédit Agricole Medium-Term Plan "Strategic
Ambition 2020",
which provides for targeted acquisitions for the Group's Wealth Management
activities. It
constitutes a major step for Indosuez Wealth Management and allows it to reinforce
its footprint
in Europe thanks to the inclusion of an entity positioned on the second domestic
market of
the Credit Agricole Group.
The transaction, which will be subject to approval by the competent supervisory
authorities,
should be finalised in the first half of 2018.
B.19 Dependency of Please refer to Elements B.19/B.5 and B.19/B.16.
/ guarantor on Crédit Agricole CIB is dependent on the performance of its subsidiaries and affiliates.
B.14 other entities
within the
group
B.19 Description of The principal activities of Crédit Agricole CIB are mainly:
/ guarantor's Financing: The financing business combines structured financing and commercial banking in
B.15 principal France and abroad. Banking syndication is involved in both of these activities.
activities Capital markets and investment banking: This business includes capital markets, as well as
investment banking.
Wealth Management: The Wealth Management offers a tailored approach allowing each individual
customer to manage, protect and transfer their assets in a manner which best fits their
aspirations.
Our teams offer expert and first class services for the management of both private and
business
assets.
--------------- -----------------------------------------------------------------------------------------------
B.19 Description of Crédit Agricole S.A. is the immediate parent company of Crédit Agricole CIB with
/ whether the a 97.33 per cent. stake.
B.16 guarantor is
directly or
indirectly
owned or
controlled and
by
whom and
nature of such
control
--------------- -----------------------------------------------------------------------------------------------
B.19 Credit ratings The current ratings for Crédit Agricole CIB are as follows:
/ assigned to Rating Agency Short Term Senior Long Term
B.17 the issuer or Debt Debt
its debt Fitch Ratings Limited F1 A+ stable outlook
securities at (Fitch)
the request or Moody's Investors Service Ltd Prime-1 A1 positive outlook
with the (Moody's)
cooperation Standard & Poor's Rating Services, A-1 A+ stable outlook]
of the issuer a division of Standard & Poor's
in the rating Credit Market Service Europe
process Limited (S&P)
The credit ratings will be treated for the purposes of Regulation (EC) No 1060/2009 on credit
rating agencies (as amended) (the CRA Regulation) as having been issued by S&P, Moody's and
Fitch upon registration pursuant to the CRA Regulation. S&P, Moody's and Fitch are established
in the European Union and have registered under the CRA Regulation.
Not Applicable. The Securities have not been rated.
--------------- -----------------------------------------------------------------------------------------------
Section C - Securities
C.1 Type and class of Securities being offered Type:
The securities (Securities) are notes (Notes) and are
issued by the Issuer with the amount
(if any) payable as interest a floating rate
(Floating Rate Securities).
Identification Code:
The Securities will be uniquely identified by the
ISIN Code XS1883116441 and the Common Code
188311644.
------------------------------------------------------- ------------------------------------------------------
C.2 Currency Subject to compliance with all applicable laws,
regulations and directives, Securities may
be issued in any currency agreed between the relevant
Issuer and the relevant dealer at the
time of issue.
The Securities will be denominated in United States
Dollar (USD) (the Specified Currency),
interest amounts (if any) will be payable in USD and
any amount payable on redemption will
be in USD.
------------------------------------------------------- ------------------------------------------------------
C.5 Description of restrictions on free transferability of The free transfer of the Securities is subject to the
the Securities selling restrictions of the United States
and the European Economic Area (including Luxembourg,
Belgium, Finland, France, Germany, Ireland,
Italy, Portugal, Spain, Sweden, Norway and the United
Kingdom), Australia, Brunei Darussalam,
People's Republic of China, Chile, Japan, Hong Kong,
Singapore, South Korea, Switzerland,
Taiwan and The Philippines.
Securities offered and sold outside the United States
to non-U.S. persons in reliance on Regulation
S under the U.S. Securities Act of 1933, as amended
must comply with selling restrictions.
Securities held in a clearing system must be
transferred in accordance with the rules, procedures
and regulations of that clearing system.
------------------------------------------------------- ------------------------------------------------------
C.8 Description of the rights attaching to the Securities The Securities are issued in a series (a Series)
including ranking and including any having terms and conditions relating to,
limitations to those rights amongst other matters, the following.
Guarantee:
The payment of nominal and interest in respect of the
Securities is unconditionally and irrevocably
guaranteed by the Guarantor pursuant to the
Guarantee.
Secured Securities:
Not Applicable. The Securities are not secured.
Fair Market Value Redemption Amount:
The Fair Market Value Redemption Amount in respect of
a Security will be, in summary, equal
to the fair market value of the Securities as at (or
about) the date of early redemption,
taking into account, without limitation, the
deduction of the Hedge Amount but disregarding
any collateral which has been, or is required to be,
delivered in connection with the Securities
and (only in case of a payment event of default under
the Securities or an insolvency of the
relevant Issuer and/or the Guarantor) the financial
condition of the relevant Issuer and/or
the Guarantor.
If a Fair Market Value Redemption Amount has been
determined for any reason other than the
occurrence of a payment event of default under the
Securities or an insolvency of the relevant
Issuer and/or the Guarantor (the Pre-Default FMVRA)
and is unpaid on the date on which a payment
event of default under the Securities or an
insolvency occurs with respect to the relevant
Issuer and/or the Guarantor (the Post-Default FMVRA
Determination Date), then the Pre-Default
FMVRA will be deemed to be equal to the Fair Market
Value Redemption Amount determined as
of the Post-Default FMVRA Determination Date (the
Post-Default FMVRA) and the Post-Default
FMVRA shall disregard the financial condition of the
relevant Issuer and/or the Guarantor.
Hedge Amounts represent the losses or costs
(expressed as a positive number) to the relevant
Issuer or any affiliate thereof that are incurred or
gains (expressed as a negative number)
of the relevant Issuer or any affiliate thereof that
are realised in unwinding any hedging
arrangements entered into in respect of the relevant
Securities (whether by the Issuer, the
Guarantor or indirectly through an affiliate),
provided that the determination of the Hedge
Amount shall (only in case of a payment event of
default with respect of the Securities or
insolvency of the relevant Issuer and/or the
Guarantor) disregard the financial condition
of the relevant Issuer and/or the Guarantor.
The Fair Market Value Redemption Amount shall not be
a negative number.
Events of Default:
Following the occurrence of one or more of
the following events (each, an Event of
Default):
43. default in the payment of any nominal
or interest due on the Securities or the
due date
and such default continues for a specified
time after written notice is received by
the Issuer;
44. non-performance or non-observance by
the Issuer or Guarantor of any of their
other respective
obligations and such default continues for
a specified time after written notice
(except where
such failure is incapable of remedy when no
notice will be required) is received by the
Issuer
or Guarantor (as the case may be); or
45. if the Issuer becomes the subject of
certain prescribed insolvency or
administration type
proceedings; or
46. the Guarantee ceases to be, or is
claimed by the Guarantor not to be, in full
force and
effect,
the Securities will become due and payable
upon notice being given by the Security
holder.
Withholding tax:
All payments of nominal and interest by or on behalf
of the Issuer or the Guarantor in respect
of the Securities will be made without withholding or
deduction for or on account of any present
or future taxes or duties of whatever nature imposed
or levied by or on behalf of France unless
such withholding or deduction is required by law or
other laws to which the Issuer, the Guarantor
or its agents agree to be subject and neither the
Issuer nor the Guarantor will be liable
for any taxes or duties of whatever nature imposed or
levied by such laws, regulations, directives
or agreements.
Meetings:
The terms of the Securities contain provisions for
calling meetings of holders of the Securities
to consider matters affecting their interests
generally. These provisions permit defined majorities
to bind all holders, including holders who did not
attend and vote at the relevant meeting
and holders who voted in a manner contrary to the
relevant majority.
Governing Law:
The Securities are governed by English law.
Ranking (status):
The Securities constitute direct, unsubordinated and
unsecured obligations of the Issuer.
Limitation of rights:
Prescription
The Securities will become void unless claims in
respect of nominal and/or interest are made
within a period of 10 years (in the case of nominal)
and five (5) years (in the case of interest)
after the date on which the relevant payment first
becomes due, except that, if the full amount
of the moneys payable has not been duly received by
the principal paying agent or the registrar,
as the case may be, on or prior to such due date, it
means the date on which, the full amount
of such moneys having been so received, notice to
that effect is duly given to the Security
holders in accordance with General Condition 9
(Prescription).
Redemption following a Scheduled Payment Currency
Cessation Event:
A Scheduled Payment Currency Cessation Event means
that the Specified Currency ceases to exist
at any time as a lawful currency for any reason
whatsoever, as determined by the Calculation
Agent in its sole and absolute discretion.
Following the occurrence of a Scheduled Payment
Currency Cessation Event, the relevant Issuer,
in its sole and absolute discretion, may redeem all,
but not some only, of the Securities
early on a date to be specified by the Issuer, each
Security being redeemed at its Fair Market
Value Redemption Amount denominated at any currency
selected by the Calculation Agent or the
currency then adopted in France.
Redemption for FATCA Withholding:
The Issuer may redeem any or all FATCA Affected
Securities and, in circumstances where the
Issuer elects not to redeem a FATCA Affected
Security, the holder of such FATCA Affected
Securities
can subsequently request the Issuer to redeem such
FATCA Affected Securities. The Securities
will be redeemed at the Fair Market Value Redemption
Amount.
A FATCA Affected Security means a Security in respect
of which (i) the Issuer or Guarantor
(if it were required to make a payment under the
Guarantee) has or will become obliged to
make any withholding or deduction pursuant to an
agreement described in Section 1471(b) of
the U.S. Internal Revenue Code of 1986, as amended
(the Code) or any withholding or deduction
otherwise imposed pursuant to Sections 1471 through
1474 of Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to
any intergovernmental agreement entered
into in connection with the implementation of such
sections of the Code and (ii) such obligation
cannot be avoided by the Issuer or the Guarantor
taking reasonable measures available to it.
Redemption for Illegality and Force Majeure:
The Issuer has the right to terminate the Securities
in the case of illegality or force majeure.
C.9 Interest, maturity and redemption provisions, yield See Element C.8.
and representation of the security-holders Interest Accrual Periods and Rates of Interest:
The Interest Determination Dates for the Securities
are two (2) London Business Days prior
to the first day of the relevant Interest Accrual
Period.
The Interest Payment Dates for the Securities are
annually on 22 March in each year from and
including 22 March 2020 up to and including the
Redemption Date.
The Interest Accrual Periods for the Securities are
the period beginning on (and including)
the Interest Commencement Date and ending on (but
excluding) the first Interest Payment Date
and each successive period beginning on (and
including) an Interest Payment Date and ending
on (but excluding) the next succeeding Interest
Payment Date. Interest Periods will not be
adjusted in accordance with the Business Day
Convention.
The Interest Period Dates for the Securities are not
applicable.
The Calculation Agent for the Securities is
Crédit Agricole CIB.
Redemption:
The Securities are scheduled to redeem on 22 March
2024 by payment of the Issuer of the Final
Redemption Amount.
Floating Rate Securities:
The Securities are Floating Rate Securities. The
Securities will bear interest on the same
basis as the floating rate under a notional interest
rate swap transaction, or by reference
to LIBOR. The Securities will bear a floating rate of
interest from 22 March 2019 of three
(3) month USD-LIBOR-ICE (formerly known as
USD-LIBOR-BBA) (the ISDA Rate) (subject to a minimum
rate of 2.80 per cent. per annum and a maximum rate
of 5.00 per cent. per annum), payable
annually in arrear on 22 March in each year.
Three (3) -month USD-LIBOR-ICE means that the rate
for a Reset Date will be the rate for deposits
in U.S. Dollars for a period of three (3) months
which appears on the Reuters Screen LIBOR01
Page as of 11:00 a.m., London time, on the day that
is two (2) London Business Days preceding
that Reset Date.
Reset Date means the first day of the relevant
Interest Accrual Period.
Payoff Features:
Not Applicable. The Securities are not subject to any
features.
Representation of Security holders:
There is no trustee or any other representative of
Security holders.
------------------------------------------------------
C.10 Derivative component in interest payments See Element C.9.
C.11 An indication as to whether the securities offered are Application has been made by the Issuer (or on its
or will be the object of an application behalf) for the Securities to be admitted
for admission to trading on a regulated market to trading on the London Stock Exchange's regulated
market with effect from or as soon as
practicable after the Issue Date.
Section D - Risks
D.2 Key risk factors relating to the Issuers The following key risk factors relating to the Crédit
Agricole CIB FS as Issuer, its
activities, the market in which it operates, and its structure
may affect the capacity of
the Issuer to fulfil its obligations under the Securities issued
under the Programme:
- Creditworthiness of the Issuer and the Guarantor
The Securities constitute general and unsecured contractual
obligations of the Issuer and
of no other person and the Guarantee constitutes general and
unsecured contractual obligations
of the Guarantor and of no other person, which will rank equally
with all other unsecured
contractual obligations of the Issuer and the Guarantor,
respectively, and behind preferred
liabilities, including those mandatorily preferred by law.
Security holders rely upon the
creditworthiness of the relevant Issuer and, as the case may be,
the Guarantor and no other
person.
- Credit risk
Credit risk is the risk that a customer or counterparty will be
unable or unwilling to meet
a commitment that it has entered into Crédit Agricole CIB
FS.
- Liquidity risk
Liquidity risk is the risk that Crédit Agricole CIB FS will
encounter difficulty in realising
assets or otherwise raising funds to meet commitments.
- Interest rate risk
Exposure to interest rate risk is the risk that arises when there
is an imbalance between
rate and non-rate sensitive assets, liabilities and off balance
sheet items.
- Foreign currency risk
Foreign currency risk is the risk that the value of a financial
instrument will fluctuate
because of changes in foreign exchange rates. Crédit
Agricole CIB FS foreign exchange
exposure arises from issuing debt in currencies other than Euro.
-------------------------------------------- ------------------------------------------------------------------
D.3 Key risk factors relating to the Securities The Securities involve a high degree of risk. Investors should be
experienced with respect
to options and option transactions, should understand the risks
of transactions involving
the Securities and should reach an investment decision only after
careful consideration, with
their advisers, of the suitability of such Securities in light of
their particular financial
circumstances.
Early redemption
Certain events or circumstances may lead to the Securities being
redeemed prior to their scheduled
redemption date. In such circumstances, Securityholders may not
be able to reinvest the redemption
proceeds so as to receive the return they might receive on the
Securities.
Varying interest
Interest income on Floating Rate Securities cannot be
anticipated. Due to varying interest
income, investors are not able to determine a definite yield on
the Floating Rate Securities
at the time they purchase them.
Ranking of the Securities
The Securities and the Guarantee each constitute general,
unsecured, contractual obligations
of the Issuer and, as the case may be, the Guarantor and of no
other person. Any person who
purchases such Securities is relying upon the creditworthiness of
the Issuer and the Guarantor
and has no rights under the Conditions against any other person.
Conflicts of interest
Certain potential conflicts of interest exist or may arise
between Securityholders and certain
other parties, which have the potential to adversely affect
Securityholders.
Compounding of risks
Various risks relating to the Securities may be correlated or
compounded and such correlation
and/or compounding may result in increased volatility in the
value of the Securities and/or
in increased losses for Securityholders.
Legal and tax risks
Certain risks arise as a result of applicable law (including
applicable tax law) which have
the potential to adversely affect Securityholders. Without
prejudice to the generality of
the foregoing, investors should be aware that if an amount is
required to be deducted or withheld
from any payment on the Securities pursuant to the foreign
account tax compliance provisions
of the US Hiring Incentives to Restore Employment Act of 2010
(FATCA), neither the Issuer
nor any other person will be required to pay additional amounts
as a result of the deduction
or withholding of such tax. As a result, investors may receive
less than expected.
Trading Securities in the secondary market
Securities may have no established trading market when issued,
and one may never develop.
If a market does develop, it may not be very liquid. Therefore,
investors may not be able
to sell their Securities easily or at prices that will provide
them with their anticipated
yield or a yield comparable to similar investments that have a
developed secondary market.
-------------------------------------------- ------------------------------------------------------------------
Credit ratings
Credit rating agencies may assign credit ratings to the Securities. The ratings may not reflect
the potential impact of all the risks and other factors that may affect the value of the Securities.
A reduction in the rating, if any, accorded to the Securities, or of the outstanding debt
securities of the Issuer or the Guarantor could result in a reduction in the trading value
of the Securities.
Payments in a specified currency
The Issuer will pay amounts due on redemption and interest on the Securities and the Guarantor
will make any payments under the Guarantee in the Specified Currency. This presents certain
risks relating to currency conversions if an investor's financial activities are denominated
principally in a different currency.
------------------------------------------------------------------------------------------------------
Section E - Offer
E.2b Reasons for offer and use of proceeds when different Not Applicable. The reasons for the offer and the net
from making profit and/or hedging certain proceeds of the issue are for making
risks profit and hedging certain risks.
------------------------------------------------------ -------------------------------------------------------
E.3 Terms and conditions of offer The Securities are not offered to the public in the
European Economic Area.
E.4 Interest material to issue including conflicting Not Applicable. So far as the Issuer is aware, no
interests person (other than Crédit Agricole
Corporate and Investment Bank as dealer and any
distributor) involved in the offer of the
Securities has an interest material to the offer,
including conflicting interests.
E.7 Estimated expenses charged to investor Not Applicable. There are no expenses charged to the
investor by the Issuer.
------------------------------------------------------ -------------------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IODSEMFMIFUSEID
(END) Dow Jones Newswires
March 25, 2019 13:01 ET (17:01 GMT)
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