Our ECP and NEU CP financing programmes

SNCF Group’s financing programmes include €5 billion in Euro Commercial Paper (ECP) and €8 billion in Negotiable European Commercial Paper (NEU CP). We’re also developing new programmes for currencies and countries in Europe and beyond.

About our ECP programme

Our Euro Commercial Paper (ECP) programme is a short-term financing programme with a €5bn ceiling. It covers SNCF Group’s primary currencies, with maturities ranging from 1 day to 1 year.

About our NEU CP programme

Our Negotiable European Commercial Programme (NEU CP) covers short-term corporate debt.  

Banque de France created the NEU CP in 2016 by combining traditional certificates of deposit, issued by financial institutions, with commercial paper issued by non-financial companies.

Neu CP
IssuerSNCF SA, a public limited company (société anonyme) wholly owned by the French State.
SecuritiesThe short-term negotiable instruments issued under the NEU CP programme are in bearer form and are registered in accounts 
with authorized brokers in accordance with applicable French law and regulations.
Maximum amount€3,000,000,000
RatingsS&P, Moody's and Fitch
ArrangerSociété Générale
Maturities1 to 365/6 days
Minimum unit€150,000

NEU CP short-term negotiable paper — 17 May 2022

FINANCING PROGRAMME

SNCF GROUP (SINCE 2020)

FrenchPDF • 312KB

Download NEU CP short-term negotiable paper — 17 May 2022 - French - pdf - 312KB

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