Credit Agricole issues NZ$250 mln Tier 1 notes

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SYDNEY, Dec 19 (Reuters) - Credit Agricole S.A. (CAGR.PA),
France's biggest retail bank, said on Wednesday it has set the
interest rate on its Tier 1 capital offer at 10.035 percent.

The bank issued NZ$250 million ($189 million) of deeply
subordinated perpetual notes paying 190 basis points over swap
for five years. The margin will reset after five years and
switch to a floating rate format after 10 years.

Credit Suisse and First NZ Capital Securities jointly led
the offer.

The proceeds of the offer will be used for general
purposes.

The margin of the issue, expected to be rated A by S&P, Aa3
by Moody's and AA- by Fitch, will not step-up.

There is no set repayment date but Credit Agricole may
redeem the notes after 10 years.

Offer key dates:

Trading start: Dec. 20

First reset date: Dec. 19, 2012
($1=NZ$1.32)
(Reporting by Cecile Lefort)