Crédit Agricole prepares for government exit

08 Oct 2009

Crédit Agricole sold a $1bn non-call 10 year perpetual Yankee this week in a deal designed to bolster capital ratios ahead of the divestment of the financial stake taken by the French authorities.

"This deal is to add finance to the balance sheet before the exit of the government programme," said a banker close to the deal. "They need to secure the balance sheet and senior debt wouldn’t work as they need to keep the capital ratios intact."

Bank of America Merrill ...

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