"Redbridge provided us with a complete solution to access the NEU CP market. Their support has been instrumental in running the entire process and obtaining an optimal set-up for an additional liquidity instrument in our funding portfolio. "

Lorenz Wilhelm
Corporate Finance Manager

Engagement Overview

  • Implementation of a rated Inaugural Negotiable European Commercial Paper (NEU CP) of €500m

Objectives

  • Diversify AXPO’s financing base
  • Access new investors
  • Take advantage of the NEU CP market’s attractive conditions
  • Benefit from an additional and easy-to-use short-term financing tool

 

Results

  • Launch of a €500m NEU CP program with five dealers and one paying agent
  • The program benefitted from strong support from the dealers at the inaugural issuances through trading lines made available by the 4 banks
  • First day of emission resulted in a successful issuance of €120m at competitive prices

Methodology

  • Management of all aspects of the process until the inaugural issues
  • Approval process of the information memorandum with the French Central Bank
  • Management of the request for proposal in order to select the dealers and paying agent
  • Coordinating negotiations of dealers & paying agents agreements
  • Drafting of the sales credit memo to ensure market adherence to the program
  • Advice to position the initial coupons at the right level

Value Added by Redbridge

  • Deep understanding of the NEU CP market and its key stakeholders
  • Coordination of the entire project
  • Drafting of the dedicated info memo and management of the discussions with the French Central Bank
  • Support during the process of selecting the dealers and paying agent
Data for Stronger Banking Relationships

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