Adopting an independent approach, which is objective while always committed to meeting your needs, we help you choose the right solution or the optimal combination of financing instruments, depending on the market environment and your company’s profile. We strive to obtain the best possible terms and conditions, always with the twin aim of controlling execution risk and meeting your predefined schedule.
- You want to diversify your sources of funding to finance your growth
- You want to extend the average maturity of your debt
- You’re looking for competitively priced financing and flexible documentation
- You’re looking to finance your working capital needs and manage your seasonality through short-term financing
- You want to make substantial savings on your financial expenses by focusing on the issuance of short- and medium-term marketable debt securities instead of drawing on your banking lines (while keeping them as a back-up)
- You want to reduce the exposure of banks in the contribution of your funding drawn
- You need flexible options in a M&A context, such as prefinancing or a bridge
- You have multiple private placements issues that need to be restructured
There are many reasons for using disintermediated debt markets. But whatever your challenges and goals, whether you’re a first-time issuer or not, it is difficult to assess and benchmark your banks’ proposals. You want an objective and impartial view of the different solutions your group would be eligible for, their respective advantages and disadvantages in relation to your decision criteria , and the terms and conditions associated with each of the solutions that you could reach.
Our services cover all market debt: short-term debt securities (commercial paper – NEU CP, EuroCP and USCP), medium-term debt securities (NEU MTN), public bonds (straight, convertible), and any private bond format (including EuroPP, USPP and Schuldschein).
In the short term market segment, we work closely alongside you to address the key issues for the successful launch of a commercial paper program:
- managing the project (which has a public aspect) and its timeline in the most efficient way
- making the best choices about its structure to gain access to the short-term capital market (rating, bank guarantor, listed securities)
- negotiating and helping you achieve the optimal result; for example, with regard to the terms and conditions of the bank guarantee or final rating
- selecting the best dealers and paying agents, especially for the implementation of trading lines
- managing contractual aspects with agents
- managing administrative and legal aspects related to the Bank of France and thus facilitating the validation and implementation of NEU CP financial documentation
- positioning the rate curve (initial positioning and as the programme ramps up) in a manner that is neither too aggressive nor too generous, and that provides a reasonable level of oversubscription.
By choosing to work with us, you are sure to receive:
- an independent and neutral choice of your dealers , as our approach is devoid of any conflict of interest
- an efficient process that focuses efforts over a short period of time, ensuring rapid market access (on average, half the implementation time compared with a more traditional approach):
- involvement in the upstream process of internal validation
- a relationship of trust with the Bank of France
- in-depth knowledge of the market and its processes
- a powerful credit vision:
- drafting a clear sales credit memo for the sales forces of the CP dealers
- optimized pricing positioning (benchmarking, critical review of pricing offered by the dealers).
Concerning the the medium to long term market segment, we work with you to address the key issues for a successful debt capital market issuance:
- analyzing potential formats based on your objectives and criteria and determining which solutions or markets are most appropriate
- selecting the arranger banks or bank syndicate, if applicable, based on carefully defined criteria
- building your target term sheet, which is essential prior to choosing arranger banks
- negotiating the best terms and conditions
- assess the “fair” price – the price that does not lead to oversubscription or new issue premiums that are too high
- in particular for private placement formats, ensuring room of flexibility compared with bank documentation
- ensuring the legal consistency of all your financing, both banking and non-banking
- targeting potential investors to approach and allocate tickets in an optimal manner (especially for private placements)
- coordinating all of the many stakeholders and tasks to be carried out.
Even though a debt issue may seem a relatively simple transaction, more often than not it is difficult to maintain full control of the process. Neither is it easy to negotiate terms and conditions in line with your objectives, faced with a banking syndicate made up of many establishments that are not necessarily seeking to achieve the best deal, but simply any deal.
Our unique methodology can be adapted to any context, any credit profile, for any financing purpose, for any type of financing and format (straight public bond, convertible, EuroPP loan or bond, USPP, Schuldschein), or any type of purpose (such as general corporate purposes or acquisition, or capex line).
Thanks to our established approach and processes:
- you have independent and neutral overview of the market at any given time
- you control execution risk during each stage in the arrangement of your transaction
- you benefit from optimized pricing through a comprehensive but targeted RFP towards potential investors
- you negotiate the best possible terms and conditions, consistent with a reasonable level of oversubscription.
Our support and advice are based on our in-depth knowledge of the different segments of the bond market, the latest market trends (such as sustainable bonds, investors’ current appetite, new funds or new pockets of liquidity). While we are involved in two closings per month in average, you’re guaranteed to benefit from the most up-to-date experience. In short, you can rely on us to maximize the benefits of the market while meeting your schedule.