Uniliver Issues One-Day-Maturity Securities on ECP Market
Unilever has become the first corporate issuer to actively make use of the euro commercial paper (ECP) market to issue one-day-maturity securities. Unilever has been using the infrastructure provided by Euroclear France since April 2003 to issue and settle these transactions. More than 100 Unilever ECP issues with next-day maturity have been issued and settled on the same day via Euroclear France. Euroclear is the only securities service provider to offer a same-day issuance and settlement service for overnight-maturity transactions. ‘The ability to issue next-day maturity paper in the ECP market provides issuers with a realistic alternative to using the US commercial paper market or bank borrowings for their overnight funding requirements,’ said Philippe Laurensy, Director and head of Fixed-Income Product Management at Euroclear. The placement of Unilever’s overnight paper was initiated by Goldman Sachs and Deutsche Bank. Deutsche Bank is also Unilever’s issuing and paying agent.