Investor Presentaiton
NEU CP Programme
Duration Management
In spring 2020, the liquidity crisis and investors' risk aversion forced Unédic to
issue on shorter maturities.
Over the last two years, the duration has been managed in relation to cash flow
forecast and investor needs in a global environment of rate increases.
in months
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Q
Maturity of outstanding NEU CP
2020
2021
Source: Unédic, as of January 31st, 2024
33
INVESTOR PRESENTATION
2022
2023
2024
FEBRUARY 2024
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Lockdown period in France
Average rate
Mar Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun
01 08 15 22 29 05 12 19 26 03 10 17 24 31 07 14 21
28
5 FUNDING STRATEGY
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