Crédit Agricole Home Loan SFH gained bondholder consent to convert a final targeted covered bond from a hard to soft bullet structure in an adjourned meeting yesterday (Tuesday), completing a consent solicitation exercise that leaves the issuer with one remaining hard bullet that will mature soon.

Crédit Agricole on 14 March launched a tender offer to repurchase the seven hard bullet issues, also announcing that it would on 21 April call bondholder meetings to seek permission for the conversion of any remaining bonds to soft bullet structures.

The French bank ultimately bought back Eu3.061bn of the seven series after selling a new Eu3.25bn two tranche soft bullet issue on 16 March.

It then announced after the first bondholder meetings that the amendments to convert six of the issues had been adopted: ISINs FR0011230598, FR0011060367, FR0011440528, FR0010989087, FR0011179852 and FR0010920900.

However, the meeting in respect of a Eu1.675bn 3.25% March 2017 issue (FR0010875880) was not quorate and a second meeting was scheduled for yesterday. Afterwards, Crédit Agricole announced that the conversion of the final bond had been approved. There was no quorum for the second meeting – the quorum was 20% for the original meetings, with a two-third majority for amendments to be passed.

The exercise leaves Crédit Agricole Home Loan SFH with one outstanding hard bullet covered bond, a Eu1.25bn 2.875% issue (FR0011109164) that will mature in September.

Crédit Agricole is global coordinator, and solicitation agent alongside Citi, Credit Suisse and Morgan Stanley.