What are the specific terms, coupon rates, and pricing of the perpetual notes being tendered?

The tender announcement does not disclose the exact characteristics of the perpetual notes – the coupon rates, maturity‑style features (step‑up or fixed), call dates, or the price at which Crédit Agricole is asking investors to tender their holdings. Those details are normally set out in the formal tender‑offer circular and the related “terms sheet” that the bank publishes on its website and through the regulator’s filing system. Until the circular is reviewed, we can only state that the offer is for “perpetual” instruments, meaning they have no defined final maturity and will pay a coupon for as long as the notes remain outstanding, subject to any optional redemption provisions the issuer may embed.

From a trading perspective, the lack of disclosed coupon and pricing data creates a short‑term information gap that can widen bid‑ask spreads on ACA’s existing perpetual series. Market participants will likely price the tender at a modest premium or discount to the prevailing market yield on comparable senior unsecured Euro‑denominated perpetuities (typically 5‑6% on a yield‑to‑worst basis for a bank of Crédit Agricole’s credit quality). If the tender price is set above the current clean price, it could trigger a temporary buying pressure as investors seek to lock in the premium; conversely, a price below market would spur selling and could depress the secondary market levels. Traders should monitor the official tender documentation as soon as it is released, compare the offered coupon and price to the prevailing yields on similar instruments, and size any position accordingly – for example, positioning long on the notes if a generous tender premium is announced, or shorting the spread if the offer appears unattractive relative to market rates.