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Commercial paper and medium term note market (NEU CP-NEU MTN)

The NEU CP and NEU MTN market is a commercial paper and medium-term note market in the Euro zone.

General terms and conditions for the use of information related to negotiable debt securities

General disclaimer concerning the web site

The contents available on this website may be amended, updated or deleted without prior notice. They may be reused in accordance with the conditions defined hereafter. The Banque de France shall not be held liable for the contents of its website, notably in terms of any errors, inaccuracies, omissions or delays, or the potential consequences of any changes affecting the contents of the pages of its website. It cannot guarantee that technical problems will not interrupt or  affect the production of this information. The Banque de France does not guarantee the accuracy, marketability or adaptation for any purpose of the information displayed on its website.

Furthermore, the information provided by this website, in particular that presented in the form of aggregate data, shall under no circumstances be interpreted as an investment recommendation or any kind of advice (including without limitation professional, legal or investment advice). No person using this website shall act on the basis of this information without having first checked and, where appropriate, obtained professional advice. The Banque de France shall not be held liable for any misinterpretation of the published information.

The Banque de France shall not be held liable for any economic losses, direct or indirect damages arising from the publications of this information.

Lastly, the Banque de France shall not be held liable for the contents of other websites referring to the contents of its own website or linked to it.


Disclaimer concerning information memoranda posted by the Banque de France

In accordance with Article D. 213-13 of the French monetary and financial code, the Banque de France shall post on its website the information memorandum of negotiable debt securities issuers, together with updates of said memorandum, and where applicable, the summary referred to in Article 9 of the Order of 30 June 2016. Only the information memorandum of active issuers shall be posted on the website, i.e. issuers having made a first issue and having updated each year since their information memorandum.

Every information memorandum, its updates and its summary shall be submitted to the Banque de France by issuers in accordance with the reporting requirements laid down in Article L. 213-4 and D.213-9 to D. 213-13 of the French monetary and financial code and set out in Order of 05/30/2016. The said pieces of information are drawn up under the sole responsibility of issuers. In particular, the reference document, the annual report or the document aggregated by the issuer, is written under the responsibility of the issuer. The Banque de France shall not be held liable for any eventual errors, omissions or delays on the part of issuers.

The publication of such information on the Banque de France website as referred to Article D. 213-13 of the French monetary and financial code does not in any way exonerate the NEU CP and NEU MTN market players to carry out any diligence which is of their responsibility or deemed necessary.

In particular, as part of the missions conferred in Article D.213-13 of the French monetary and financial code, the Banque de France does not perform risk analysis of any issuers which is the responsibility of investors based on their own investment criteria.


Disclaimer concerning statistical data on negotiable debt securities posted by the Banque de France

In accordance with Article D. 213-14 of the French monetary and financial code, the Banque de France shall post on its website statistical information on negotiable debt securities. This statistical information is produced using data communicated to the Banque de France in accordance with the reporting requirements set forth in the French monetary and financial code.

The publication of statistical information is for market transparency purposes only and does not refer in any case to the publication of any reference rate. The eventual use of this information for valuation issues cannot engage the responsibility of the Banque de France.  

The Banque de France shall strive to obtain the most accurate and reliable information possible from issuers and present the most up-to-date information on its website. However, the Banque de France is not responsible for the quality of the information communicated to it. The Banque de France shall disclose this information without making any selection, in terms of issuance and related risks (issuers, issuance programmes or rating agencies chosen, if any, by the issuers).


Use of statistical data on negotiable debt securities posted on the Banque de France's website.

The data and documents posted on the Banque de France's website may be reused free of charge by its users under the following conditions:- the data and documents simply reproduced, copied, published, sent, disclosed, redistributed, incorporated, combined in other media shall not be altered. Their meaning shall not be changed. The date of their most recent update, as well as their source and their author shall be mentioned. Moreover, these elements shall be displayed in a legible manner.- users may mention the source of the data and documents by inserting a hypertext link to the Banque de France's website. In this case, the browser shall display the website as a full page view (the Banque de France's website shall not appear as part of another page).- the data and documents derived from the data and documents on the Banque de France’s website shall be displayed as such.- the user shall not misrepresent or change the data, their source, their author and their latest update.

In the event of any dispute arising from the interpretation of these conditions, subject to French law, not amicably resolved, the matter shall be brought before Paris competent courts.

The commercial paper (NEU CP –Negotiable EUropean Commercial Paper) and medium-term note (NEU MTN - Negotiable EUropean Medium Term Note) market allows issuers to diversify their sources of funding and provides investment opportunities in euro and other currencies. This market was reformed on May 31, 2016 in line with European regulation and international standards.  

In accordance with the French financial and monetary code, securities issued since June 1st 2016 are “titres négociables à court terme ” and “titres négociables à moyen terme ” following the changes introduced by the aforementioned reform. Their trade name is NEU CP (Negotiable EUropean Commercial Paper) for short term programmes, and NEU MTN (Negotiable EUropean Medium-Term Note) for medium term programmes. The use of either trade or legal name is equivalent.

Securities issued before May 31st 2016 under the former legal name “bons à moyen terme négociables” will continue to exist until maturity.


ESG NEU MTN-CP Templates

As part of the development of the sustainable financing, Paris marketplace (a dedicated  Working Group, set up by ACI France AFTB, AFTE and AFG, with the participation of Banque de France), is adopting a guidance about ESG issuances on the Negotiable European Commercial Paper and Negotiable European Medium-Term Note Market (NEU CP – NEU MTN).

This initiative aims to provide market players with a framework of best practices in terms of Information Memorandum regarding ESG NEU MTN – NEU CP programmes. It cannot, under any circumstances, serve as a label that would encompass requirements specification and a management body for labelling.

This Template is available to market players on this web site (”

New NEU CP - NEU MTN market’s website

Following the 2016 reform of the short- and medium-term securities market, Banque de France is going on modernizing this market in conjunction with market players. In order to further improve market transparency, it provides users with a website which now offers new search functions on the "List of issuers" page ( allowing, through filters, to select, for example, all issuers whose program is rated or has a first demand guarantee or all non-resident issuers ....

Opening of a digital portal to the new issuers of NEU CP - NEU MTN

Banque de France provides new issuers, arrangers and advisers with a digital portal for the Information Memorandum for their issuance program (s). This digital portal offers a more ergonomic solution and make exchanges with Banque de France easier.

This tool will gradually be extended to all issuers and other stakeholders, during the next 2021 Information Memorandum update.

Implementation of the European Central Bank Pandemic Emergency Purchase Programme (PEPP)

On March 18, 2020, the European Central Bank announced the launch of a temporary pandemic emergency purchase programme (PEPP), including purchase of commercial corporate paper, among whose NEU CP. The programme has been implemented since March 27.

This programme is part of the Corporate Sector Purchase Program (CSPP), which is one of the components of Quantitative Easing. Eligibility criteria, determined by the Eurosystem, are therefore the same as those used for the CSPP, with the exception of the maturity of assets (initial maximum maturity of one year ; residual maturity of at least 28 days) and the minimum size of the issue (10 M€).

By doing so, the Eurosystem seeks to make the financing of all issuers easier in this market segment.

For more information :

- ECB FAQ: /

- ECB blog : 

Fraud attempt under the guise of fake IPA

Issuers of NEU CP / NEU MTN are warned of a new type of fraud attempt consisting for the instigator in pretending to be their issuing and paying agent and in having the assigned issuing and paying agent's IBAN replaced by that of the fraudster in the issuer's computer systems.

In this case, to prevent such acts, issuers are invited to contact their usual contacts at their issuing and paying agents.

Modernization of the commercial paper and-medium-term-note market

Under the aegis of the Paris Marketplace 2020 Committee, the legal framework of the commercial paper and-medium-term-note market was modernized on 1 June 2016:

Reform of the negotiable debt securities market (TCN)

Information on the transitional period:


New Issuers

CMA CGM     22/12/2022
Union de Banques Arabes et Françaises - UBAF07/12/2022
OPEL BANK28/11/2022
Universal Music Group11/07/2022

Updated on: 01/09/2023 18:28