Euroclear France creates gateway for the issuance of NEU CP commercial paper for Italian issuers
Easing issuance of NEU CP for Italian issuers
Paris, 3 April 2023 – Euroclear France today is pleased to announce that Italian issuers can issue their commercial paper via the French CSD's Negotiable European Commercial Paper (NEU CP) service. In an industry first, UniCredit became the first issuer to use the new service.
Negotiable European Commercial Paper is a short-term debt instrument issued by companies to raise funds, whose regulatory compliance is verified by France’s Central Bank, the Banque de France. As of the end of February 2023, there was EUR 320.9 billion of outstanding NEU CP and medium-term notes - the second largest short-term market in Europe.
Through Euroclear France, Italian issuers will now be able to diversify their sources of funding, multicurrency, and benefit from a reduction of costs due to the access of the sizeable NEU CP short-term market and its network of investors.
BNP Paribas’s Securities Services provided tax services for Euroclear France in the Italian market related to these issuances.
Michele Montani, Head of Group Treasury, UniCredit, stated: “Thanks to the joint effort between Euroclear and UniCredit over the past years, we are now leading the way for Italian banks to access the French market. By issuing NEU CP, we will be able to reach out to a more diversified client base, strengthening our Pan-European footprint further, while at the same time providing French investors with new investment opportunities.”
Bruno Campenon, Head of Financial Intermediaries and Corporates Client Line for Securities Services, BNP Paribas, added: “We are delighted to deepen our strategic partnership with Euroclear group through this new mandate. Euroclear France will further leverage BNP Paribas’s integrated offering and on-the-ground expertise in Italy to support foreign investors and Italian issuers with a vast range of value-added services.”
Guillaume Eliet, Chief Executive Officer, Euroclear France, commented: “We are extremely proud to achieve this milestone and applaud UniCredit as our first issuer. By offering this new service to Italian issuers, it reinforces our market position as a Pan-European issuer CSD for the global issuer community. We look forward to continuous cooperation with the Banque de France, as we jointly support the developing NEU CP market.”
Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International and MFEXbyEuroclear.
Paris, 3 avril 2023 – Euroclear France est heureuse d’annoncer que les émetteurs italiens peuvent émettre leurs titres négociables par le biais du service Negotiable European Commercial Paper (NEU CP) du CSD français. UniCredit est devenu le premier émetteur à utiliser ce nouveau service.
Un Negotiable European Commercial Paper est un titre de créance à court terme émis par les sociétés pour lever des fonds et dont la conformité réglementaire est vérifiée par la Banque de France. À la fin du mois de février 2023, 320.9 milliards EUR d’encours de NEU CP et de billets à moyen terme ont été totalisés – ce qui en fait le deuxième marché à court terme en Europe.
Par le biais d’Euroclear France, les émetteurs italiens pourront désormais diversifier leurs sources de financement, en plusieurs devises, et bénéficier d’une réduction de coûts grâce à l’accès au vaste marché à court terme des NEU CP et à son réseau d’investisseurs.
BNP Paribas a fourni à Euroclear France le service fiscal sur le marché italien relatif à ces émissions.
Michele Montani, Head of Group Treasury, UniCredit, a déclaré : « Grâce aux efforts conjoints entre Euroclear et UniCredit au cours des dernières années, nous ouvrons dorénavant la voie à l’accès des banques italiennes au marché français. En émettant des NEU CP, nous pourrons atteindre une base clients plus diversifiée, ce qui renforcera davantage notre présence pan-européenne, tout en offrant aux investisseurs français de nouvelles possibilités d’investissement. »
Bruno Campenon, Head of Financial Intermediaries and Corporates Client Line for Securities Services, BNP Paribas, a ajouté : « Nous sommes ravis de consolider notre partenariat stratégique avec le groupe Euroclear par le biais de ce nouveau mandat. Euroclear France exploitera davantage l’offre intégrée de BNP Paribas et l’expertise sur le terrain en Italie pour soutenir les investisseurs étrangers et les émetteurs italiens grâce à un large éventail de services à valeur ajoutée. »
Guillaume Eliet, Chief Executive Officer, Euroclear France, a commenté : « Nous sommes très fiers d’avoir franchi ce jalon et félicitons UniCredit, notre premier émetteur. En offrant ce nouveau service aux émetteurs italiens, nous renforçons notre position sur le marché en tant que issuer CSD pan-européen pour la communauté mondiale des émetteurs. Nous nous réjouissons de poursuivre cette coopération avec la Banque de France dans le cadre de nos efforts conjoints visant à soutenir le développement du marché des NEU CP. »
Le groupe Euroclear est le fournisseur de confiance de services post-marché du secteur financier. La mission d’Euroclear est d’innover pour apporter la sécurité, l’efficacité et favoriser les connexions sur les marchés financiers en vue d’assurer une croissance économique durable. Euroclear fournit des services de règlement/livraison domestiques et transfrontières, de conservation et d’autres services connexes pour les transactions sur obligations, actions, produits dérivés et fonds d’investissement. Euroclear est une infrastructure de marché fiable et robuste qui s’est engagée à atténuer les risques, à apporter des solutions d’automatisation et à réaliser des gains d’efficacité à grande échelle pour sa clientèle mondiale. Le groupe Euroclear comprend Euroclear Bank, le CSD international, ainsi que Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden,Euroclear UK & International et MFEXbyEuroclear.
Parigi, 3 aprile 2023 – Euroclear France è lieta di annunciare che gli emittenti italiani possono emettere i loro commercial paper tramite il servizio Negotiable European Commercial Paper (NEU CP) del CSD francese. UniCredit è diventata il primo emittente ad utilizzare il nuovo servizio.
Il Negotiable European Commercial Paper è uno strumento di debito a breve termine emesso dalle aziende per raccogliere fondi, la cui conformità normativa è verificata dalla banca centrale francese, Banque de France. A fine febbraio 2023, l’importo totale dei NEU CP e dei titoli a medio termine in circolazione era di 320.9 miliardi di euro - il secondo mercato a breve termine a livello europeo.
Tramite Euroclear France, gli emittenti italiano saranno in grado di diversificare le loro fonti di finanziamento in diverse valute, e di beneficiare di una riduzione dei costi grazie all’accesso all’ampio mercato a breve termine dei NEU CP e alla sua rete di investitori.
BNP Paribas Securities Services ha fornito servizi fiscali a Euroclear France sul mercato italiano per queste emissioni.
Michele Montani, Head of Group Treasury, UniCredit, ha dichiarato: “Grazie all’impegno congiunto di Euroclear e UniCredit degli ultimi anni, stiamo aprendo alle banche italiane l’accesso al mercato francese. Tramite l’emissione di NEU CP, saremo in grado di raggiungere una base clienti più diversificata che permetterà di rafforzare ulteriormente la nostra presenza paneuropea, offrendo allo stesso tempo nuove opportunità di investimento agli investitori francesi.”
Bruno Campenon, Head of Financial Intermediaries and Corporates Client Line for Securities Services, BNP Paribas, ha aggiunto: “Siamo lieti di approfondire la nostra collaborazione strategica con il gruppo Euroclear con questo nuovo mandato. Euroclear France sfrutterà le possibilità dell'offerta integrata di BNP Paribas e l’esperienza sul campo in Italia per supportare gli investitori stranieri e gli emittenti italiani grazie a un’ampia gamma di servizi a valore aggiunto.”
Guillaume Eliet, Chief Executive Officer, Euroclear France, ha commentato: “Siamo particolarmente orgogliosi di aver compiuto questo passo importante e ci congratuliamo con UniCredit, il nostro primo emittente. L’offerta di questo nuovo servizio agli emittenti italiani rafforza la nostra posizione sul mercato come Issuer CSD paneuropeo per la comunità globale degli emittenti. Ci auguriamo di continuare a collaborare con Banque de France nel nostro impegno comune per sostenere lo sviluppo del mercato dei NEU CP.”
Il gruppo Euroclear è il fornitore del settore finanziario per i servizi post trading. Nell’ambito della sua missione, Euroclear innova per garantire la sicurezza, l’efficienza e agevolare le connessioni con i mercati finanziari per una crescita economica sostenibile. Euroclear provvede al regolamento e alla custodia di titoli domestici e transfrontalieri per obbligazioni, azioni e derivati per i fondi di investimento. Euroclear è un'infrastruttura del mercato dei capitali collaudata e resistente, impegnata a fornire mitigazione del rischio, automazione ed efficienza su larga scala per la sua clientela globale. Il gruppo Euroclear comprende Euroclear Bank, l’International CSD, nonché Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International e MFEXbyEuroclear.
"We are extremely proud to achieve this milestone and applaud UniCredit as our first issuer. We look forward to continuous cooperation with the Banque de France, as we jointly support the developing NEU CP market."
Guillaume Eliet, Chief Executive Officer, Euroclear France
Contact us for information on Euroclear, including recent corporate developments and new Euroclear products and services, or to arrange interviews with our experts.
Craig MacDonald
Tel: +44 207 849 0315
Email