The NEU CP and NEU MTN market

he initial investor in a security on the primary market. The initial subscribers of negotiable debt securities include for example:

• Credit institutions and related entities ;
• Collective investment schemes (CIS) ;
• Insurance companies, pension funds and mutual benefit funds ;
• Industrial and commercial firms and sole traders ;
• Public administrations (central, government, local, social security, etc.) ;
• Private administrations (associations) ;
• Households ;
• Non-residents within the euro area ;
• Non-residents outside the euro area.

All the issuers referred to in Article L. 213-3 of the Monetary and Financial Code are authorised to issue negotiable debt securities:

1. Credit institutions, investment firms and the CDC, provided that they comply with the relevant conditions laid down by the Minister of the Economy;

1a. Financing companies, provided that they comply with the relevant conditions laid down by the Minister of the Economy and provided that the proceeds from these issues do not consist of redeemable funds from the public in accordance with Article L. 312-2 ;

2. Entities other than those referred to in Article 1 and 1a, provided that they fulfil the legal status, minimum capital and auditing requirements for launching a public offer of financial securities or for their financial securities to be listed on a regulated market and whose equity capital is specified by a decree, or equivalent conditions for entities with their head office abroad. They must belong to one of the following categories:

• firms taking the form of joint stock companies or, for those whose head office is located abroad, a form recognised as equivalent by the authority referred to in Article D. 213-2, and with a paid-up capital of at least EUR 37,000 or its equivalent in foreign currency;
• agricultural co-operatives and their associations with a paid-up capital of at least EUR 37,000,
• joint stock co-operatives with a paid-up capital of at least EUR 37,000.

3. Public sector companies if they fulfil the conditions set out in 2;

4. Public sector companies without equity capital but which are authorised to launch a public offer;

5. Economic interest groupings and partnerships made up solely of joint-stock companies that meet the conditions set forth at point 2;

6. European Union institutions and international organisations;

7. The caisse d'amortissement de la dette sociale (social security debt amortisation fund) instituted by Article 1 of Ordinance 96-50 of 24 January 1996 on reimbursement of social security debt;

8. Local authorities and local authority groupings;

9. Associations governed by the Act of 1 July 1901 on the contract of association or by Articles 21 to 79 of the local civil code applicable in the Bas-Rhin, Haut-Rhin and Moselle departments that meet the conditions for the issue of bonds by public offering;

10. States;

11. Securitisation vehicles;

12. France's Central Social Security Agency (Acoss) only for short-term negotiable debt securities;

13. Regional hospitals whose list is established by decree, up to the amount of the overall issuance ceiling established for each of them by the said decree.

The outstanding amount is the stock of securities at a given time (T). It is calculated as follows:

Stock (T) = Stock (T-1) + Positive flows over the period (T-1,T) (i.e. issuance) – Negative flows over the period (T-1,T) (securities reaching maturity, issuer buy-backs, early redemption by the investor).

Via their issuing and paying agent, negotiable debt securities issuers provide the Banque de France with statistical information about their securities, in accordance with the terms of the Order referred to in Article D.213-7.

The Banque de France determines the frequency and the contents of provided information on the basis of this reporting.