"Redbridge supported us from the beginning to the end as we entered the NEU CP market, backed by an EthiFinance rating. "

Olivier Ferrand
General Secretary, Monnoyeur Group

Engagement overview

  • Roll-out of an inaugural Negotiable European Commercial Paper (NEU CP) programme
  • Assistance with the rating process for the programme, enabling Groupe Monnoyeur to access the NEU CP market


  • Optimising Monnoyeur’s financing costs
  • Diversifying the Group’s short-term financing (1 month to 1 year)
  • Assisting Monnoyeyr throughout the rating process, from selecting the rating agency to obtaining the rating
  • Providing support to the issuer during the set up and then ramping up the programme


  • €200m programme, rated by EthiFinance
  • Selection of 4 dealing agents
  • Inaugural issuances combining 1-month and 2-month maturities at competitive terms, split between the 4 dealing agents


  • Management of a triple process: Banque de France, Banks, Rating Agency
  • Banque de France: maintaining regular contacts with the Negotiable Debt Securities department to validate the draft Financial Documentation within the given timeframe
  • Dealing and Domiciliary Agents: implementing a personalised, bilateral approach to the Group’s relationship banks, overseeing the seed line process and negotiating Dealing and Domiciliary Agent contracts
  • Rating: preparing the Rating Book to present the Group and its key credit features in the best possible light

Value added by Redbridge

  • Coordination of all stakeholders (BdF, underwriters, agency)
  • Managing relationships with the rating agency, providing assistance in developing the credit story, and coaching the finance department
  • Clarifying the appropriate levels of issuance (coupons | maturities) to ensure a successful launch on competitive terms for the issuer and on a sustainable basis in a relatively adverse market environment
  • Providing support for the issuer after inaugural issuances
Receive our publications

Select your location