Crédit Agricole S.A. starting to use Origin platform for its EMTN benchmark issuances
London, 9 December 2020 -
A € 1 billion transaction closing today was the first benchmark bond issued by Crédit Agricole S.A., whose documentation was automatically and digitally drafted. Crédit Agricole CIB was acting as sole Bookrunner and structuring advisor.
Origin's Documentation product was used to automatically draft all key pre- and post-transaction documents including the initial Termsheet, as well as the Final Terms, Subscription Agreement, Signing and Closing Agenda, and others.
Earlier this year, Crédit Agricole S.A. successfully issued some private placements via the platform Origin. Crédit Agricole's DCM, funding and legal teams have worked closely with Origin to validate the platform workflows and implement their issuance documentation templates in the tool.
Romain Beillard, Director, Debt Capital Markets at Crédit Agricole CIB said "At Crédit Agricole CIB, 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 department would normally have to draft manually”
Robert Taylor, CTO, Origin said “This first-of-its kind digital benchmark transaction is an important step in expanding the Origin Documentation Product beyond private placements. This use case exemplifies the platform’s flexibility and its ability to handle the bespoke, complex requirements of each Issuer.”
About Origin
Headquartered in London, Origin is a leading player in the digitisation of debt capital markets, helping dealers and issuers streamline the issuance process from start to finish. Founded in 2015, Origin launched its first product in 2017, and is now used by over 20 dealers and 90 issuers across 50 cities worldwide.
Media contacts:
Origin
Raja Palaniappan
Phone: +44 (0) 7779 209 652
raja.palaniappan@originmarkets.com
