Investor Presentaiton
Funding strategy
2. Bpifrance Financement: Funding Strategy
Refinancing
Strategy in
the long run
A diversified and a long-term oriented refinancing structure
Medium and long-term refinancing mainly on capital markets and through bilateral loans
Repo operations on French Govies as part of operations to hedge the rate position
Short-term refinancing (commercial paper) mainly used as liquidity management and to ensure a continuing
presence on capital markets
Bond and Commercial Paper programmes
● EMTN 1 Programme: €45 bn
Mainly benchmarks but also private placements
NEU MTN² Programme: €4 bn
"Autonomous,
unconditional and
irrevocable first-demand
guarantee of
EPIC Bpifrance"4
Main
Funding
Channels
bpifrance
● NEU CP3 Programme: €6 bn
Labelled STEP under ID 2685
→ Ratings and key features:
HQLA5 level 1
Long-term ratings
Moody's
Aa2
Outlook/Review
Short-term ratings
Stable
P-1
Fitch Ratings
AA
Negative
F1+
Agency haircut with ECB
Eligible for the ECB's Public Sector Purchase
Programme (PSPP)
Eligible to a 0% risk factor stress for spread risk
on bonds and loans (Under Solvency 2 Regulation)
Bilateral Loans
Access to ECB instruments
Long-term partnerships with CDC and other public institutions (e.g. EIB, KfW)
Repo backed by French Govies
Note: The aggregate nominal amount of EMTN outstanding and NEU MTN outstanding will not at any one time exceed €35 bn
1. EMTN = Euro Medium Term Note / 2. Negotiable European Medium Term Notes / 3. NEU CP = Negotiable European Commercial Paper
4. The only legally binding version is the French one, as follows: "Garantie autonome à première demande inconditionnelle et irrévocable de l'EPIC Bpifrance";
EPIC status: see details in appendix 1 / 5. https://acpr.banque-france.fr/sites/default/files/media/2018/07/12/07-notice crd_iv.pdf
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