Davis Polk advised the initial purchasers of the inaugural U.S. dollar issuance of senior non-preferred notes by Crédit Agricole S.A., acting through its London branch. Under its U.S. medium term note program, Crédit Agricole issued $1 billion aggregate principal amount of 3.375% fixed-rate notes due 2022, $300 million aggregate principal amount of floating-rate notes due 2022 and $1 billion aggregate principal amount of 4.125% fixed-rate notes due 2027 under Rule 144A/Regulation S.

Crédit Agricole is the lead bank of the Crédit Agricole Group, which is France’s largest banking group and one of the largest in the world based on shareholders’ equity. Crédit Agricole coordinates the group’s sales and marketing strategy, ensures the liquidity and solvency of each of the group’s entities and, through its specialized subsidiaries, designs and manages financial products, including consumer credit, factoring and lease finance.

The Davis Polk corporate team included partner Reuven B. Young, counsel Amy T. Alter and associates Andrew Rowe and So Yeon Chang. Counsel Juliette Loget and associate Samuel Berrebbi provided French law and regulatory advice. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and counsel David Wilson provided U.K. tax advice. Members of the Davis Polk team are based in the London and Paris offices.

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