Your trusted partner for issuing NEU CPs

With a value of more than €300 billion, the French commercial paper (NEU CP – Negotiable European Commercial Paper and NEU MTN – Negotiable European Medium Term Note) – supported by Euroclear France – is the largest commercial paper market in the euro area.

In 2016, within the framework of Place de Paris 2020, the legal and regulatory framework for issuing commercial paper and medium term notes in France underwent a period of transformation and modernisation.

The resulting NEU CP market is more accessible to issuers, domestic and international investors and is fully aligned with recognised international standards. It allows issuers to tap into a a diverse source of funding and provides investors with attractive investment opportunities in euro and other currencies.

Through Euroclear France you can manage the entire lifecycle of the NEU CP issuance, from codification to same-day settlement, in one click, with immediate payment in the T2S environment.

About Euroclear France

Euroclear France is a domestic central securities depository, a national numbering agency and a neutral, risk-averse Financial Market Infrastructure (FMI).

We support the issuance of NEU CPs with our eNEU CP service which simplifies and accelerates the entire issuance process.

Benefits of issuing NEU CPs through Euroclear France

  • Codification – Simple and efficient allocation of your ISIN code
  • Access to all parties – a single ecosystem that includes all actors in the issuance chain
  • Placement – eNEU CP facilitates placement by providing ISIN codes in quasi-real time
  • Automated Issuance Process –  the Paying Agent can create the issuance and deliver the securities to investors through one single instruction
  • Same day Issuance – In line with recognised international standards
  • ISIN allocation - in real-time, with the possibility to reserve ISIN codes in advance 
  • Settlement in € and Central Bank Money – Safe and reliable
  • Eurosystem Eligibility – NEU CPs can be set up to meet Eurosystem eligibility requirements
  • Use them as collateral – NEU CPs can be used on the Collateral Highway; pledged to a NCB or a CCP, support €GCPlus activity or used in simple repo transactions
  • Placement with international counterparties – New issues can be placed in Euroclear France or any other T2S CSD, Euroclear Bank and Clearstream Banking Luxembourg
  • Payment of coupon and redemption in non € currencies – flexibility and choice
  • Interoperability – NEU CPs are issued in Euroclear France but are also eligible for settlement in other T2S CSDs and ICSDs. 
  • ISIN information – The full ISIN database can be accessed via the Euroclear website

How the Euroclear France issuance solution can help you


Our eNEU CP service helps dealers support their underlying clients with a real-time, automated and STP service for issuing NEU CPs

The eNEU CP service not only ensures that new issues are placed with investors within the shortest timeframe possible, it also helps reduce the risk of operational errors and unnecessary costs.


The Euroclear France issuance infrastructure is quick, efficient and proven, supporting the largest commercial paper market within the Eurozone.

And for issuers wanting to tap into a reliable and diverse source of short to medium term financing, the Euroclear France money market infrastructure brings together a large pool of domestic and international investors.


At a time when efficiency and standardisation of processes are key, issuing through Euroclear France allows paying agents to issue and place NEU CPs in a fully transparent and automated manner.


Through the Euroclear France money market infrastructure investors gain access to a comprehensive view of the issuance of commercial paper thus facilitating informed decisions in relation to trading strategies.

Furthermore, the complex and exhaustive ecosystem of counterparties allows investing firms to trade with a greater number of counterparties until even later in the business day.


Euroclear France as an FMI

Financial Market Infrastructures (FMI) are important components of the financial system that deliver services which are critical for the smooth operation of the financial markets.

As an FMI, Euroclear France offers expert transaction settlement, asset servicing and collateral management, as well as a wide range of services for issuers - including eNEU CP.

All asset types are covered including bonds, equities, funds and derivatives.

Get in touch with our expert

Fabrice Arlais

Sales & Relationship Manager - Commercial Division
+33 1 55 34 56 79