"After informing us early on about the opportunities provided by the NEU CP market, Redbridge skillfully supported us until our program was in place. "

Corinne Madar
Director of Financial and Tax Affairs at Clarins Group


  • Implementation of the first Negotiable European Commercial Paper (NEU CP) of an unlisted mid-cap company with a short-term rating


  • Assist with the adoption of the NEU CP and the selection of an appropriate rating system
  • Solidify the project’s parameters and ensure its success
  • Choose the dealer pool and domiciliary agent for the program in an unbiased manner, while preserving the company’s relationships with its banking partners
  • Ensure that the project has a solid foundation and leads to outstanding results


  • Program of up to 200 million euros ($220.6 million)
  • Designed a program with a short-term rating
  • Program received an SR1 rating from the French credit rating agency Spread Research
  • Selected three placement agents – CACIB, CIC and SG – from the bank pool, bringing together the underwriting needed to launch the project
  • Inaugurate mid-March issuance of 60 million euros ($66.2 million) at very competitive prices


  • Managed the process composed of three main players: agents, rating agencies, and Banque de France
  • Personalized the approach with the selected banks to account for any previous relationships, bank motivations, and their ability to support at launch
  • Developed the sales credit memo, which better ensures market adherence to the program and fair positioning of coupon/maturity balance

Redbridge’s Added Value

  • Developed an innovative approach (NEU CP rated by an alternative agency) and promoted it both internally and externally
  • Interacted with all parties (i.e., Banque de France, banks, agents, lawyers)
  • Provided expertise in the optimal issuance levels (coupon/maturity), which will ensure a successful launch, while maintaining competitive conditions for the issuer
  • Worked with and supported project teams, including during the post-growth phase
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