This EMTN program provides the legal framework that will govern securities financing transactions prior to the issuing of the securities by the Région.
It has the advantages of reducing the fixed costs of issues and increasing the flexibility and rapidity of financing transactions.
The program, rated AAA/Aaa, was co-arranged by BNP Paribas and Merrill Lynch and is for one billion euros with maturities ranging up to 30 years.
In addition to BNP Paribas and Merrill Lynch, institutions taking part in the program as dealers will include ABN AMRO, CDC IXIS Capital Markets, Deutsche Bank, Dexia Capital Markets, HSBC-CCF, JP Morgan, Morgan Stanley, and UBS Warburg.
This is this first AAA-rated program for a local government body in Europe, and with it the Région expects to strengthen and diversify its base of international investors in order to optimize its financing costs on the capital markets.
The program is expected to give rise to a public issue before the end of the year.