A&O Shearman advises banks on Crédit Agricole Assurances’ tender offer and EUR750 million subordinated notes issuance

The tender offer, launched on January 8, 2026 and expired on January 15, 2026, received strong participation from noteholders. Crédit Agricole Assurances announced that it has repurchased a total nominal amount of EUR749.9m. Settlement of the tender offer occurred on January 20, 2026. Crédit Agricole Corporate and Investment Bank acted as sole structuring bank and sole dealer manager for the tender offer.

In parallel, Crédit Agricole Assurances completed the placement of new EUR750m Tier 2 subordinated notes, bearing a fixed annual interest rate of 4.125% until maturity on December 17, 2036. The new notes, issued under French law, were rated BBB+ by S&P Global Ratings and admitted to trading on the regulated market of Euronext Paris. Settlement of the issuance took place on January 19, 2026. The net proceeds of the issuance were used to finance the repurchase of the existing notes validly tendered as part of the tender offer.

This combined transaction is part of Crédit Agricole Assurances’ active capital management strategy and will help extend the maturity profile of its debt.

The A&O Shearman team included partner Julien Sébastien and associates Marion Hébrard-Lemaire and Hakima Gourari.