|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||12.66 - 13.06|
|52 Week Range||9.10 - 13.06|
|Beta (5Y Monthly)||1.66|
|PE Ratio (TTM)||10.36|
|Earnings Date||Feb 14, 2020|
|Forward Dividend & Yield||0.69 (5.45%)|
|1y Target Est||14.88|
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.The easy part is probably over for Governor Murat Uysal after the Turkish central bank delivered another interest-rate cut that exceeded forecasts.Emboldened by lira stability and egged on by President Recep Tayyip Erdogan’s calls for more aggressive easing, the Monetary Policy Committee reduced its key rate for a fourth straight time to 12% from 14%, exceeding predictions of most economists surveyed by Bloomberg.But less than six months into his tenure, Uysal is feeling out the limits of the easing cycle, given his pledge to preserve “a reasonable rate of real return” for investors. The MPC on Thursday removed a phrase used in an earlier statement that said its stance was “to a large part” consistent with the projected disinflation path, suggesting it could now move slower to loosen policy. The lira kept gains after the decision, trading 0.7% stronger against the dollar as of 5:52 p.m. in Istanbul.With inflation on the upswing again, Turkey’s real borrowing costs, the world’s highest when Uysal took over in July, may not provide much of a buffer against market selloffs for too much longer. Adjusted for prices, rates in Turkey are already below many peers and could turn negative next month, according to Credit Agricole CIB.“It is not so attractive for foreign investors,” said Guillaume Tresca, a Paris-based strategist at Credit Agricole.The latest move brings the cumulative easing under Uysal’s watch to 12 percentage points, rolling back the dramatic rate hikes used by the central bank to fight last year’s currency crisis. Erdogan ousted his predecessor for not acting fast enough.Until now, the lira has largely withstood the onslaught of rate cuts, itsone-month implied volatility falling in December to the lowest in years. Still, worries abound among investors, with Turkey’s currency on track this month for the worst performance in emerging markets against the dollar.“The bank will likely turn cautious in the near term given likely stickier inflation readings with a less supportive base, low ex-post real policy rate as well as ongoing high dollarization and subdued capital flow outlook,” said Muhammet Mercan, chief economist at ING Bank AS.Just as he’s done ahead of all policy decisions since installing Uysal, Erdogan sounded off on monetary matters again in the days before this week’s meeting, saying, “we will be moving to single digits in interest rates in 2020.”Erdogan’s fixation on low rates was hardly the only reason for easing, with the economy just beginning to gain momentum after a recession. Even as inflation bounced back in November, it didn’t heat up as much as expected, ensuring that before this week’s meeting, Turkey still boasted one of the highest real rates in emerging markets.Inflation RollercoasterInflation began to soar in June 2018 after a crash in the lira touched off a surge in domestic prices across the import-dependent economy. After peaking at 25.2% last year, it plummeted into single digits before a pickup to an annual 10.6% in November.Price growth is likely to end the year near the lower bound of the central bank’s October inflation projections, or around 11%, “with risks around the disinflation path for 2020 being balanced,” the MPC said on Thursday.Meanwhile, policy makers have also increased the number of their meetings next year to 12, from eight in 2019, a decision that could allow them to move in smaller steps if they chase Erdogan’s goal of single-digit rates.“The script for the central bank to follow is cut as quickly as you can get away with, without sacrificing macro-financial stability, and get credit growth firing on all cylinders again,” said Timothy Ash, a strategist at BlueBay Asset Management. “The experience over the past 20 years in Turkey is that such a credit-driven growth model usually ends in tears.”(Updates lira performance in third paragraph, adds analyst comment in eighth)\--With assistance from Paul Abelsky, Harumi Ichikura and Paul Wallace.To contact the reporter on this story: Cagan Koc in Istanbul at firstname.lastname@example.orgTo contact the editors responsible for this story: Onur Ant at email@example.com, Paul AbelskyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Unchanged ECB capital requirements for 2020 The European Central Bank (ECB) has just notified Crédit Agricole Group and Crédit Agricole S.A. of their capital requirements.
Today, Crédit Agricole CIB presents the details of its targets for 2022, which form part of the Group project and Crédit Agricole Group Medium Term Plan 2022. Crédit Agricole CIB is a corporate and investment bank which has chosen to focus more on financing activities and corporate clients, and which is based on a powerful and well-coordinated international network.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.It’s Europe’s biggest economy and known for an aversion to borrowing that’s shielded it from the booms and busts that repeatedly ravaged its neighbors.Now Germany is at the center of a debt-fueled real-estate boom that analysts warn is looking fragile with the potential to put a dent in the wealth of investors from Melbourne to Minnesota.Germany’s real-estate companies are borrowing at their fastest pace ever and this year alone have issued a record $19 billion in bonds, almost half the European total for the sector. Most of that debt was bought by international money managers including BlackRock Inc. and Allianz SE, passing billions to the real estate firms that spent it on a frenzy of construction and buying in a red-hot property market.But the boom in German real estate contrasts with an economy that’s barely growing. Prices keep breaching records and instead of using that as a chance to cut debt, most publicly-traded German landlords just keep borrowing more to carry on riding the surge in prices. If the market turns, that could leave them exposed.“The key concern is the fact that the absolute volume of debt has exploded,” said Peter Papadakos, a managing director at real estate research firm Green Street Advisors.Prime office yields – rent as a proportion of the property value – dropped to just 2.5% in Munich, 2.9% in Berlin and 2.8% in Frankfurt this year. That’s well below 3.75% in London’s notoriously expensive West End or the 4.25% in its financial district, according to broker Cushman & Wakefield Plc.Alongside commercial landlords, companies investing in German apartments have also tapped the bond market and they face further headaches from a potential government-imposed rent freeze in Berlin. The nation’s capital is central to the portfolios of Deutsche Wohnen SE and ADO Properties SA, two of the largest bond issuers over the last three years.Read more: Berlin Builders Hit the Streets in Backlash Over Rent Freeze“German real estate has the potential to be very volatile,” said Pierre Beniguel, a fixed-income investor at TwentyFour Asset Management in London, which oversees around 16 billion pounds ($21 billion) in assets and holds some German property bonds. “It’s prone to regulatory risk, especially with rent freezes in certain areas and we’ve already seen share prices in many big cap firms drop on the back of this.”While German real-estate bonds are a niche corner of the international debt market, an upset in the country’s real estate would be felt far and wide. Some of the biggest holders of this debt are global money managers Amundi SA, Allianz, BlackRock, as well as Deutsche Bank AG with thousands of savers and retail investors among their clients. Officials at the money managers declined to comment on their holdings.“Once interest rates rise or recession hits, then the whole sector becomes illiquid and as a bondholder you will need to join the queue to see your money back,” said Lutz Roehmeyer, chief investment officer of Capitulum Asset Management, a fund managing 1.1 billion euros ($1.2 billion) in Berlin.Biggest Holders of German Real-Estate DebtSwitch to BondsGerman property firms’ reliance on the bond market traces its origins to the aftermath of the 2008 to 2009 financial crisis. Regulators forced banks to make fewer loans in order to reduce the amount of risk on their books, prompting property companies to turn instead to bonds.At the same time, cheap money policies from central banks left fund managers facing a scarcity of assets with big enough yields to meet their obligations to pension and insurance investors. These conditions created an eager market for the debt -- some of which has junk ratings or is not backed by assets -- and borrowing multiplied by an unprecedented 40 times after 2012, according to data compiled by Bloomberg.But German property is currently trading at as much as 50% premium compared to long-term estimated averages, according to research from S&P Global Ratings. That’s ominous for bondholders.“There are signs that the credit quality in German real estate might have peaked,’ said Mathias Herzog, an analyst at S&P Global Ratings.Cross HoldingsA further concern is the potential for contagion throughout the country’s real estate sector. A complex web of cross ownership and other links raise the chances a problem at one borrower could trigger a domino effect of selling.In just one example, Aroundtown SA, Germany’s biggest real estate issuer, is in the process of buying rival TLG Immobilien AG, a deal that would create Europe’s largest commercial landlord of its kind. Together, Aroundtown and TLG have outstanding bonds worth more than $16 billion.TLG’s largest shareholder, Amir Dayan, is also the owner of Vivion Investment Sarl, a firm that issued bonds worth $1.1 billion this year to invest in properties in Germany and in the U.K. Aroundtown has a 39% stake in Grand City Properties SA, a developer that sold about $620 million of bonds this year.Representatives for Aroundtown, TLG, Vivion and Grand City Properties confirmed the links between the companies.Officials at Aroundtown and TLG said consolidation in the industry will reduce the extent of cross shareholdings.A representative for Vivion said “the Dayan Family office is supportive of M&A activity which is actually reducing the cross ownership.” The family sold its stake in ADO Group, the major shareholder of ADO Properties, earlier this year to Adler Real Estate AG, another German landlord. The deal closed on Tuesday.Read more: Adler to Acquire ADO Group for 25.75 Euros per ShareMany of the bonds are trading above their face value, indicating demand for the debt remains high.“Despite the low growth environment in Germany and the potential for further rent control legislations, we see scope for these companies to improve their fundamentals,” said Sarang Kulkarni, a portfolio manager at Vanguard Asset Management specializing in bonds.But some investors are becoming more wary of stresses accumulating in the market.“As long as we’re being offered sufficient premium to buy debt from German real estate companies, overall we’re happy to buy for now,” said TwentyFour Asset Management’s Beniguel. “Although we’re monitoring the risks.”(Updates with Adler, ADO deal in 20th paragraph.)\--With assistance from Fabian Graber.To contact the reporters on this story: Laura Benitez in London at firstname.lastname@example.org;Jack Sidders in London at email@example.com;Irene García Pérez in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Vivianne Rodrigues at email@example.com, Luca Casiraghi, Chris VellacottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Crédit Agricole S.A. opens the Panda market for European GSIB banks with a 3 year CNY 1 billion benchmark bond. Following the approval granted by People’s Bank of China of its Panda Bond Issuance Programme, Crédit Agricole S.A. successfully issued on 5 December 2019 a CNY 1 billion (equivalent to € 127 million) senior preferred bond with a 3 year tenor and a 3.4% fixed rate. This inaugural benchmark issuance was bought by Chinese and International investors on the Chinese bond market and the Hong Kong Bond Connect exchange.
CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OF £400,000,000 Undated Deeply Subordinated Fixed to Floating Rate Notes issued on January 30, 2008 (ISIN: FR0010575654 / Common Code:.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The pound headed for a fourth month of gains against the euro, reflecting growing confidence in the market that the Conservative Party will be able to secure a majority in the U.K.’s December election.Sterling outperformed all major currencies after a much-anticipated poll released Wednesday evening suggested that Boris Johnson’s party is on track to win its biggest mandate since the 1980s. That is the best scenario for investors betting on the pound as it could end the political impasse over Brexit.The Conservatives are on course to win a large majority of 68 seats in the Dec. 12 vote, according to the YouGov poll, which used a technique that more closely predicted the 2017 election than standard surveys. This would allow Johnson to get his Brexit deal through Parliament by Jan. 31 and avoid the political deadlock Britain has suffered since his predecessor Theresa May lost her majority in 2017.“We expect the currency to remain supported given the credibility of the YouGov MRP poll and especially given the considerable lead that it gives to the Conservatives,” wrote Valentin Marinov, head of Group-of-10 currency strategy at Credit Agricole SA, in a research note. “This could mean that, even taking into account the inevitable polling errors, the Tory party should be still able to gain a comfortable majority.”The pound pared gains after touching a six-month high against the euro, to trade at 85.11 pence by 9:00 a.m. in London. It is heading for monthly gains of 1.2%, in the longest winning streak against the common currency since 2015. Against the dollar, the pound gained 0.2% Thursday to $1.2943.Sterling has been tracking opinion polls closely ahead of the election, and had slipped earlier in the week as surveys of voter intention suggested the Conservative lead was narrowing. Markets prefer the certainty offered by a majority government, according to a recent Bloomberg survey.(Updates with latest pricing throughout.)\--With assistance from Ruth Carson.To contact the reporters on this story: Charlotte Ryan in London at firstname.lastname@example.org;Vivien Lou Chen in San Francisco at email@example.comTo contact the editors responsible for this story: Dana El Baltaji at firstname.lastname@example.org, Neil Chatterjee, Anil VarmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Montrouge, 25th November 2019 Crédit Agricole CIB announces the completion of the disposal of a 6.0% stake in BSF to Ripplewood Following the disclosures made on 15th.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Credit Agricole Bank Polska S.A. Paris, November 22, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Credit Agricole Bank Polska S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Credit Agricole S.A. Paris, November 18, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Credit Agricole S.A. and other ratings that are associated with the same analytical unit. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
(Bloomberg Opinion) -- European fund management companies spent 2018 watching their share prices steadily decline, battered by increased regulatory scrutiny, customers withdrawing money and the relentless squeezing of fees. They’ve rallied this year, but the industry’s biggest beast in the region is outpacing its peers by an astonishing margin.Investors in Amundi SA have enjoyed a total return of more than 60% in 2019, outpacing the Stoxx Europe 600 index by 35 percentage points. The stock has beaten the 32% gains at DWS Group GmbH and Standard Life Aberdeen Plc, the 39% return for Schroders Plc and Man Group Plc’s 19% rise.Amundi, 68 percent-owned by France’s Credit Agricole SA, recently announced record quarterly inflows of almost 43 billion euros ($48 billion) in the three months through September, breaking a streak of three consecutive quarters of client withdrawals. Its 1.6 trillion euros of assets under management — up from 952 billion euros when it listed on the stock market in November 2015 — make it Europe’s biggest money manager.The most impressive statistic, however, is the one element of Amundi’s financials over which it has most control: its costs.The company’s frugality has nudged its cost-to-income ratio lower in recent years; it fell to an industry-beating 51.1% at the end of the third quarter. By comparison, Deutsche Bank AG-controlled DWS aims to cut its ratio to 65% and doesn’t expect to achieve that until the end of 2021.What could knock Amundi off its perch? Well, DWS Chief Executive Officer Asoka Woehrmann told the Financial Times this month that he plans to challenge his rival’s dominance by finding a takeover or merger that would increase his firm’s 752 billion euros of assets. Earlier this year Switzerland’s UBS Group AG was reported to be considering strapping its fund management arm to DWS. Insurer Allianz SE was also said to be interested in the German investment firm. Any such deal would create a challenger with the scale to match Amundi.But the French fund giant’s CEO Yves Perrier is unlikely to just stand by if industry consolidation begins. Now that he’s finished absorbing Pioneer Investments, a fund management unit bought from Italy’s UniCredit SpA for 3.5 billion euros in 2017, the decks are clear. While these mega-mergers might not happen, Amundi is well placed if they do. With its shares trading at their highest in more than 18 months, Perrier has the currency to fund a deal.To contact the author of this story: Mark Gilbert at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. But more than...
Montrouge, France, 8 November 2019 Information The Conseil d’Etat has just issued a decision recognising the deductibility of a charge incurred by Crédit Agricole.
Shares in France's Credit Agricole fell sharply on Friday as investors focused on softer income from its French retail bank rather than its brisk investment banking business. European banks are struggling to cope with record low interest rates, which cuts into income from lending. Net income at Credit Agricole's French retail operation fell 1.4% in the third quarter, missing forecasts despite 9.2% growth in loans.
Montrouge, 8 November 2019 Results for the third quarter and the first nine months of 2019 Q3‑19: Results increasing strongly Crédit Agricole S.A. Underlying revenues1Q3:.
Crédit Agricole S.A. has successfully obtained regulatory approval on a Panda Bond Issuance Programme enabling an access to the onshore Chinese Interbank Bond Market. Crédit Agricole S.A. is the first European G-SIB Financial Institution to obtain such an approval from the People’s Bank of China. A Panda Bond is issued in the onshore Chinese Interbank Bond Market by a foreign issuer, and denominated in Chinese yuan (CNY).
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Credit du Maroc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Nov.08 -- Valentin Marinov, head of G10 FX research and strategy at Credit Agricole, discusses Fed policy and his outlook for the U.S. dollar. He speaks on “Bloomberg Daybreak: Europe.”