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Commercial paper programmes Back  
Commercial paper is a short-term unsecured promissory note that is issued for a specified amount and matures on a specified date. CP is a negotiable instrument, typically in bearer form.
Anglo Irish Bank
Date launched: Ongoing
Volume: €1.5 billion
Maturity: various
Coupon: various
Legal Adviser: Eugene F Collins
Description: Anglo was a continuous issuer under its CP and CD programmes. Across the era Anglo would have had outstanding issuance of €1.5 billion to €2 billion from these sources.

Bank of Ireland
Date launched: Ongoing
Volume: €3 billion (USD) and €1 billion (EUR)
Maturity: various up to one year
Currencies: UDS, EUR
Arrangers for ECP: Deutsche, JP Morgan, Lehmans, RBS, Barclays and UBS
Arrangers for USCP: Goldman Sachs, Merrill Lynch, Bank of America and JP Morgan
Description: Corporate funding
Description: The Bank of Ireland funding strategy in 2003 was focussed on delivering a competitive funding cost base while incorporating investor diversification. This was achieved through a combination of comprehensive debt marketing, frequent tapping of the private placement market and two capital issues, resulting in no requirement for benchmark senior public deals in 2003. To support this strategy Bank of Ireland embarked on a process of non-deal road shows involving group presentations and one on ones with investors. This process mainly focussed on Bank’s core European investors but also included a one-week road show to Asian investors in Singapore, Honk Kong and Tokyo. Bank of Ireland was an active participant in short-term debt instruments, in particular the Bank experienced strong demand form domestic US investors via its domestic USD commercial paper programme.

Caterpillar International Finance p.l.c.
Guarantor: Caterpillar Financial Services Corporation
Programme Date: 4/12/95 (supplemented on several occasions)
Volume: $947 million
Maturity: Maturities of less than 183 days
Principal paying & issuing agent: Citibank N.A.
Currencies: EURO, CHF, GBP, and USD
Arranger: Barclays Bank plc
Dealers: ABN AMRO Bank N.V., Barclays Bank plc, Citibank International and Goldman Sachs International
Legal Adviser: McCann Fitzgerald Solicitors
Description: In May 2003, the Caterpillar International Finance plc ECP programme size was increased from $1 billion to $1.5 billion. The programme is rated by Standard & Poor’s and Moody’s and consists of multi-currency Commercial Paper Notes of variable denominations and maturities of less than 183 days. The main purpose of the programme is to fund the European subsidiary operations of Caterpillar Financial Services Corporation and is arranged by Barclays Bank plc. Caterpillar International Finance p.l.c. issued 157 CP trades in various currencies during 2003 with an outstanding balance of $947 million at December 31, 2003

DEPFA BANK plc and DEPFA Deutsche Pfandbriefbank AG
Date ECP launched: 1995
Date USCP launched: 2000
ECP outstandings 12/03: €11 billion(Total programme size €15 bn)
USCP outstandings 12/03: $4.9 billion (Total programme size $5 bn)
Maturity: 7 days to two years EUR and USD, 7 days to one year for all other currencies
ECP Arranger ECP: UBS
USCP arranger: Merrill Lynch
ECP Issuing & Paying Agent: Deutsche Bank
Legal adviser: McCann Fitzgerald
Legal adviser to dealers: Allen & Overy
Dealers: DEPFA BANK, Citibank, Deutsche Bank, JP Morgan, Goldman Sachs, UBS
Description: DEPFA also issues CDs off of this programme. This CP/CD programme is one of the most successful in Europe.

EBS Building Society
Date launched: 12/03
Volume: €1 billion
Arranger: Barclays Capital
Dealers: EBS, Barclays Capital, Citigroup, Deutsche Bank, Royal Bank of Scotland, UBS
Paying agent: JP Morgan
Legal Adviser: McCann FitzGerald
Description: A joint CP and CD programme aimed at accommodating the paper preferences of potential investors.

First Active
Date closed: various dates
Volume: €800 million
Maturity: 1 – 3 months
Coupon: Euribor
Dealers: Barclays Capital, Deutsche Bank, JP Morgan
Legal Adviser: Eugene F. Collins
Description: The paper is used for short term funding. At the beginning of the year First Active were quoting 7 basis points over Euribor. Following the short-term ratings upgrade by Moody’s in April from P2 to P1, the pricing was reduced to Euribor +1 basis point.

GE Capital European Funding/GE Capital UK Funding
Date closed: 9/09/03
Volume: €5 billion
Arranger: GE Capital
Guarantor: GE Capital Corporation
Currency: STG, EUR
Legal Adviser: McCann FitzGerald
Description: General funding, issued four times in 2003, €500 m FRN October 29th, €750 mn fixed rate note October 29th, €500 m FRN December 15th, and ?550 m FRN November 18th.

Helaba Dublin
(Opusalpha Funding)
Date launched: 06/03
Volume: €270 million
Arranger: Landesbank Hessen-Thuringen
Dealers: Citibank International plc, Goldman Sachs International, Landesbank Hessen-Thuringen, Warburg Dillon Read, Deutsche Bank, JP Morgan Securities, Royal Bank of Scotland
Legal Adviser: William Fry
Description: Opusalpha Funding, the partially supported hybrid conduit sponsored by Landesbank Hessen-Thuringen Girozentrale (Helaba), issued its first asset backed commercial paper. The transaction was backed by short-term telephone receivables. The issue will finance Opusalpha’s subscription of up to €270 million of funding notes issued by an intermediate spv and backed by receivables originated by a German mobile phone company. The transaction benefited from enhancement in the form a minimum 2.5% over collateralisation of the receivables backing the funding notes, a cash reserve which will be built up to 3% and a subordinated loan.

Intesa Bank Ireland
Date closed: 09/03
Volume: €10 billion (total programme size)
Arranger: Citibank International
ECP dealers: Caboto SIM SpA, Citibank International, Credit Agricole Indosuez, Deutsche Bank, Goldman Sachs International and Intesa Bank Ireland.
Legal Adviser: McCann FitzGerald
Description: A €10 billion limited recourse secured debt issuance programme.

Irish Life & Permanent
Date launched: throughout year
Date closed: ongoing
Volume: €1 billion, $2 billion
Maturity: one week to nine month
Coupon: floating
Arranger: Barclays Bank
Dealers: Chase JP Morgan, Merrill Lynch, Lehman Brothers, Citigroup, Barclays Bank
Legal Adviser: A & L Goodbody
Description: Short-term funding to support funding and manage liquidity

Sachsen LB Europe plc (Dublin)
Volume: €2.1 billion
Term: 7 days to 1 year
Currency: Multi-currency
Arranger: Deutsche Bank Frankfurt
Legal Adviser to Sachsen: William Fry
Description: In July 2003 Landesbank Sachsen Girozentrale/Sachsen LB Europe plc’s ECP programme increased from €3 billion to €5 billion. The programme is a multi-currency 364/365 day commercial paper programme with variable denominations, entitled to listing on the Berlin Bremen Stock Exchange. The programme is used for general capital purposes and is arranged by Deutsche Bank, trading through six institutional dealers. SLBE have issued €2.1 billion in 2003 off this programme in 100 separate issues.

Date launched: 23/12/03
Volume: €5 billion
Maturity: up to 364 days
West LB CBB AG, Morgan Stanley
ECP dealers: West LB AG, Citigroup, JP Morgan, UBS, Morgan Stanley, Barclays Capital
USCP dealers: Goldman Sachs, Merrill Lynch, Morgan Stanley, Citigroup
Legal Adviser: McCann FitzGerald
Description: The first tranche are spit between the US and the Euro CP markets with about €3 billion in dollars and €2 billion in euro. The company has said it is likely to pay a small premium on the pricing because it is a new name in the market, but that levels will likely come in line with West LB. The borrower will use the programme to help manage the ratio of assets to liabilities in its portfolio and for general funding.

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