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Urssaf national (known as Acoss on the financial markets) fund has two issuance programs on offer to our investors: ECP and NeuCP. These
instruments have a maximum one-year maturity. They are denominated in euros and in approximately ten foreign currencies.

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investors@acoss.fr

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Our issuance programs

ECP - Euro Commercial Paper

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Euro Commercial Paper

ECP is a negotiable debt security issued on the international financial markets by States, public institutions or companies. It is governed by English law.

In 2021, the share of the Euro Commercial Paper program represented 72 % of Acoss market financing.
 

Characteristics

  • Program ceiling: 70 bn €
  • Issuances in 2021: 163 bn €
  • Eligible currencies: currencies with a quotation from the European Central Bank
  • Issuances at fixed rate
  • Maturity of issues from 1 week to 1 year
  • Average maturity in 2021: 93 days
  • Partner banks: Bank of America, Crédit Agricole, NatWest Markets, UBS, Citigroup, JP Morgan, Rabobank, ING and BRED.
  • Arrangers of the program: UBS
  • Domiciliary agent: Citi Bank
  • Securities issued are given the STEP label and are therefore eligible for ECB transactions.
     

NeuCP - Negotiable European Commercial Paper

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Negotiable European Commercial Paper

Urssaf has confirmed its leading role in the NeuCP market, in particular thanks to the market work carried out with the Banque de France in terms of sustainable finance.

NeuCP issues are a valuable supplementary source for diversification in Urssaf’s financing :

  • From the public sphere through cash pooling operations, mainly with Agence France Trésor, wich manages the State’s debt and cash, and Cades, France’s Social Security Debt Redemtion Fund.
  • From the financial markets through partner banks. 

In 2021, the share of the NeuCP program represented 28% of Acoss market financing.
 

Characteristics

  • Program ceiling: 70 bn €
  • Issuances in 2021: 63 bn €
  • Eligible currencies: currencies with a quotation from the European Central Bank
  • Maturity of issues from 1 day to 1 year
  • Average maturity in 2021: 84 days
  • Issues at fixed or variable rates
  • Partner banks: Acoss, BRED, Rabobank, UBS, Citigroup, BNP Paribas, Crédit Agricole, Natixis and Société Générale.
  • Arrangers of the program: Société Générale
  • Domiciliary agent: CACEIS
  • Securities issued are given the STEP label and are therefore eligible for ECB transactions.

Urssaf innovates in terms of financing with the launch of short-term social securities

Since April 5, 2022, Urssaf national fund launched the inaugural issue of short-term social securities based on the criteria of the Social Bond Principles. 

ESG program commitments

In order to go even further in demonstrating the quality of its issuance program, URSSAF CN called on a third-party expert, ISS ESG, to certify that its program:

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