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

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The commercial paper (NEU CP –Negotiable EUropean Commercial Paper) and medium-term notes (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.

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 ”. Their trade name is NEU CP (Negotiable EUropean Commercial Paper) for short term programs, and NEU MTN (Negotiable EUropean Medium-Term Note) for medium term programs. The use of either trade or legal name is equivalent.

The former legal names, “certificat de dépôt” and “billet de trésorerie”, issued until May 31st 2016, will automatically end on June 1st 2017, i.e. one year after the effective date of the reform. However, issuances made until May 31st 2016 under the former legal name “bons à moyen terme négociables” will continue to exist until maturity.

 

News

 

Information to market participants

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

Reform of the negotiable debt securities market (TCN)

Information on the transitional period:

New issuers

RENNES METROPOLE14/11/2017
ESSILOR INTERNATIONAL03/11/2017
ACS, Actividades de Construccion y Servicios, SA11/10/2017
EUROFINS SCIENTIFIC S.E28/09/2017
RECTICEL24/07/2017
ATOS SE20/06/2017
MFF09/02/2017
AKKA TECHNOLOGIES30/01/2017
AGRIAL FINANCE06/01/2017
CLAAS FINANCIAL SERVICES  23/12/2016
General terms and conditions for the use of information related to negotiable debt securities

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 already made a first issue and having updated each year since their information memorandum.

This 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 30/05/2016. The said pieces of information are drawn up under the responsibility of issuers.. The Banque de France shall not be held liable for any errors, omissions or delays on the part of issuers.

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 also post on its website statistical information on negotiable debt securities. This statistical information is produced using data supplied to the Banque de France in accordance with the reporting requirements set forth in the French monetary and financial code.

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. The Banque de France shall disclose this information without making any selection, in terms of risks, issuers, issuance programmes or rating agencies chosen by the issuer.

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 impact 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 data 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.

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 shalll 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.

Updated on: 11/16/2017 10:03