A successful inaugural social bond for Crédit Agricole S.A., the first ever digital benchmark transaction

On December 2nd, Crédit Agricole S.A. issued its very first social bond for €1bn, structured by Crédit Agricole CIB in 100% digital way.

social bond

Crédit Agricole S.A.’s €1bn 7-year senior non-preferred issuance aims to reduce social inequality by revitalising the most vulnerable regions and promoting employment, community and access to essential goods and services. The proceeds will be focused in particular on providing finance for small business and SME customers of the Regional Banks and LCL in areas where unemployment is higher than the average in France.

Crédit Agricole CIB acted as Structuring Advisor & Sole Bookrunner on the transaction, which was also the first benchmark issuance to be documented in a fully digital manner

The Bank used the Origin platform to automatically draft all pre-trade and post trade documents including initial & final terms sheets, Bloomberg term sheet, IIIA (run by the Debt Capital Markets team) as well as final terms, subscription agreement, signing and closing agenda (run by the Legal division). 

"We are always looking for ways to bring innovation and efficiency to the way we serve our clients. We believe technology has a huge part to play in how we serve our customers in the future, and we are very happy to have demonstrated that with this first benchmark bond issuance for Crédit Agricole S.A. to be documented in a fully digital manner.
Concretely speaking, from an execution standpoint, the ability to define a bespoke termsheet template that could now be used for all future trades is a huge benefit, scaling down also the time spent on the legal aspects since we take data from final termsheet and automatically generate the legal documents for the transaction. In total, the platform automatically generated 5 different documents that the Legal division would normally have to draft manually.”

Romain Beillard, Director, Debt Capital Markets
 

For more information, read the press release published by Crédit Agricole Group and the press release issued by Origin