France Épargne Corporate
Issuing a Euro PP
France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. A Euro PP is a medium or long-term bond or loan that the company negotiates with a limited number of institutional investors.
Market financing of companies in 2026
- €759.1bn
- outstanding market financing of French non-financial corporations at the end of August 2026 (+4.4% year on year)
- 3.87%
- cost of debt securities issued by non-financial corporations in August 2026 (3.26% in August 2025)
- 6weeks
- length of the Euro PP Charter fast-track procedure from launch to disbursement of the funds
Formats
Formats of a Euro PP
Listed bond
A bond admitted to a regulated market or a multilateral trading facility. Some investors require this listing under their investment criteria.
Unlisted bond
A security that its investors hold to maturity. Where relevant, the issue agreement includes an approval clause for its transfer.
Euro PP loan
A loan agreement negotiated with institutional investors. The decree of 17 December 2014 allows insurers, mutual insurers and provident institutions to lend to companies.
Debt raisingGreen, social or sustainable Euro PP
A label granted when the use of proceeds justifies it. The borrower describes the projects financed and its reporting commitments.
Market
Euro PP Charter benchmarks and cost of market financing
| Characteristic | Charter benchmark |
|---|---|
| Amount | From about €10m to several hundred million euros |
| Borrower leverage | Below about 4 times, depending on the sector |
| Repayment | Bullet in most transactions |
| Rate | Fixed or floating |
| Ranking | Pari passu with the other senior creditors |
| Accelerated procedure | About 6 weeks between launch and disbursement of the funds |
October 2019 version of the Charter. These benchmarks describe the market and bind none of the parties.
| Format | Listing | Transferability |
|---|---|---|
| Listed bond | Regulated market | Free |
| Bond admitted to an MTF | Multilateral trading facility | Free |
| Unlisted bond | None | Free, subject to an approval clause |
| Loan | None | Within the limits of the loan agreement |
| Financing | August 2026 | August 2025 |
|---|---|---|
| Bank loans above €1m | 3.54% | 3.21% |
| Bank loans of €1m or less | 3.84% | 3.65% |
| Debt securities issuance | 3.87% | 3.26% |
| All financing | 3.73% | 3.35% |
Questions
Frequently asked questions
- What is a Euro PP?
- A Euro PP is a medium or long-term financing transaction between a company, listed or unlisted, and a limited number of institutional investors. The borrower and the investors negotiate its documentation. The Euro PP market has existed since July 2012.
- How much does a company raise through a Euro PP?
- Special cases aside, a Euro PP ranges from about €10m to several hundred million euros. The borrower’s leverage ratio stays below about 4x, depending on the sector. The transaction finances or refinances the borrower’s development.
- What covenants does a Euro PP contain?
- The model term sheet appended to the Euro PP Charter includes four financial covenants: net leverage, net gearing, interest cover and loan to value. Each covenant is tested at 30 June and 31 December. The documentation contains negative pledge, change of control and early repayment clauses.
- Does a Euro PP require a rating?
- A Euro PP requires neither a credit rating nor disclosure beyond the relationship between the issuer and its investors. A bond listed on a regulated market requires the approval of the market authority and consolidated accounts for two financial years.
- What does it cost companies to issue debt securities?
- The cost of debt securities issued by French non-financial corporations stood at 3.87% in August 2026. It was 3.26% in August 2025.
- From what amount can a company request an introduction?
- France Épargne Corporate introduces to private debt funds the companies whose financing need reaches €20m or more.
Contact