Caisse nationale du réseau des Urssaf

Euro Commercial Paper

What is the Euro Commercial Paper (ECP)?

ECP is a negotiable debt security issued on the international financial markets by States, public institutions or companies. This format of financial instrument is governed by English law. ECPs are issued at fixed or variable rates in € or foreign currencies.

As Acoss cash flow is only in €, all issues in foreign currencies are backed by swap transactions in order to neutralise the exchange rate risk. The ECP and the foreign exchange swap are executed simultaneously with the same partner bank.

In 2017, the share of the Euro Commercial Paper programme reached 73% of Acoss’s total financing. This source of financing has increased since 2014 (40% of financing) due to an abundant liquidity on the financial markets and a favourable cost of financing.

Increasing market share of ECP product in the issuance programme

The Euro Commercial Paper programme in numbers:

  • Programme ceiling: € 40 billion
  • Issuances in 2016: € 87 billion
  • Eligible currencies: currencies of the OECD
  • Issuances at fixed rate
  • Maturity of issues from 1 week to 1 year 
  • Average maturity: 91 days
  • Partner banks: Bank of America, Merrill Lynch, Barclays, Crédit Agricole, Crédit Suisse, Royal Bank of Scotland and UBS.
  • Arrangers of the program: UBS
  • Domiciliary Agent: Citi Bank
  • Securities issued benefit from the STEP label and are therefore eligible for ECB transactions


Rating of treasury note and Euro Commercial Paper programmes.

Under its two programmes for issuance of short term securities, the rating agencies have maintained their highest ratings in 2017 for the ACOSS signature (A-1+ / P-1 / F1+).

Moody's: Moody's assigns a P-1 short term rating to Acoss
Standard & Poor’s : S&P assigned 'AA' / 'A-1+'; Outlook Stable
Fitch: Fitch rates Acoss 'AA' / 'F1+'; Outlook Stable



Reference documents

Documents documents :