Caisse nationale du réseau des Urssaf

Negotiable EUropean Commercial Paper (NEUCP)

In 2017, the NEUCP programme represented 24% of the financing programme set up by Acoss


What is a NEUCP?

NEUCP (ex French CP) is a negotiable debt securities, issued to bearer, and are registered on account with authorized intermediaries in accordance with the French legislation and regulations in force. This financial instrument is governed by the Monetary and Financial Code under the authority of the Banque de France.

These securities cannot have a maturity exceeding 1 year and are denominated in Euros.

NEUCP issues permit a supplementary source for diversification in financing of Acoss. Through this programme Acoss can obtain financing from the public sphere through cash pooling transactions and from the financial markets through partner banks.

The NEUCP programme benefits from the highest ratings by the competent agencies in this field (A-1+/P-1/F1+).

The NEUCP programme in numbers:

  • Programme ceiling: € 40 billion
  • Issuances in 2017: € 140 billion
  • Maturity of issues from 1 day to 1 year 
  • Average maturity: 16 days
  • Issues at fixed or variable rates
  • Partner banks: Acoss, BRED, BNP Paribas, Crédit Agricole, Natixis, Société Générale.
  • Arrangers of the program: HSBC France and Société Générale
  • Domiciliary Agent: BNP Paribas SECURITIES SERVICES (BPSS)