Crédit Agricole S.A. - CASHA

[Newman]

Last night the share price of Credit Agricole SA was down 5.42% to 7.12 Euros.

[Newman]

The share price of Credit Agricole nosedived to 6.18 Euros after Cyprus agreed to a deal that qualifies the eurozone member for a bailout -- but only after a radical downsizing of the island's financial sector.
"Eurogroup head Jeroen Dijsssebloem told the Financial Times and Reuters the hard-won agreement to liquidate a major Cypriot lender could become a model for other troubled corners of the eurozone".

Further, Moody's Investors Service on Monday said it still viewed the outlook for France's top four banks as negative, citing their continued reliance on wholesale funding.

The risks associated with CASHA deeply subordinated notes seems greater now than 3 months ago. If bank deposit could be taken to solve financial troubles what else is safe? If Credit Agricole decides not to redeem the notes on 19 December 2018 noteholders would be paid 3-month interest rate plus a margin of 1.9% at best, a bad situation for bondholders. The annual report of Credit Agricole leased to NZX yesterday shows that at least two deeply subordinated notes have not been redeemded after their first call dates.