Market news

May 2017: Working Group on Financial Analysis and Credit Risk Governance issues
In January 2016, the Euro PP Committee decided to set up a Working Group on Financial Analysis and Credit Risk Governance issues. This work has mobilized nearly a hundred professionals, who brought their experience and shared their historical and prospective vision of the Euro PP market. This document is intended to be upgradable and may be completed in the future.
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March 2016: "Frequently Asked Questions" on the Euro Private Placement (Euro PP) market
The Euro PP Working Group Steering Committee set up a working group dedicated to the legal and regulatory environment of Euro PPs, composed of representatives of borrowers, intermediaries and investors and co-headed by Hubert de Vauplane (Kramer Levin), Hubert du Vignaux (Gide) and Marc-Etienne Sébire (CMS Bureau Francis Lefebvre), who answered in march 2016 to "Frequently Asked Questions" on the Euro Private Placement (Euro PP) market: What is a Euro Private Placement (Euro PP)? Who are the members of the Euro PP Working Group? What is the Euro Private Placements (Euro PP) Charter? Where can I find a Euro PP model contract? Are the Euro PP model contracts tailored to my situation? How does the representation of investors work under French law? What is a masse? Should I get my Euro PP listed? Which law should govern my Euro PP transaction? What is done in case of insolvency of the borrower?
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January 2016: The Association française des marchés financiers (AMAFI), has published a Code of best practice for Euro PP arrangers
In addition to the work conducted by the Euro PP working group, the Association française des marchés financiers (AMAFI), has published on 13 January 2016, a "Code of best practice for Euro PP arrangers" which is designed to standardize the best practices of the financial intermediaries acting as arrangers in Euro PP transactions. With this Code, AMAFI wishes to underline the key role played by an arranger in ensuring a smooth and successful Euro PP transaction. The Paris marketplace’s leading arrangers have already undertaken to apply the AMAFI Code. A list of these financial intermediaries, available at www.amafi.fr, will be updated periodically.
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January 2016: Dealogic European Private Placement league table for full year 2015 is available
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September 2015: Dealogic European Private Placement league table for full first semester 2015, produced in collaboration with the Euro PP Working group is available
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CMS Bureau Francis Lefebvre’s observatory

CMS Bureau Francis Lefebvre’s observatory contains information about all listed Euro PP launched since the creation of the market. This observatory describes each emission and provides information about :

- maturity, emission amount, market place,
- and details on the existence of specific clauses such as negative pledge, Fall-away, Change of control and its definition, and Financial covenants and their consequences, affirmative and negative undertakings and restrictive clauses, where appropriate (investment, acquisitions, asset sales, distribution of dividends or other payments, indebtedness limits for subsidiaries, etc.)

To access the CMS Bureau Francis Lefebvre’s observatory, please follow this link




June 2015: Dealogic European Private Placement league table for full year 2014, produced in collaboration with the Euro PP Working group is available
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Euronext Expands Listed Private Placement Bonds Offer
Euronext, 13/03/2015

Euronext, the primary exchange in the euro zone, today announced the launch of Euronext Private Placement Bonds (EPPB). A pan-European initiative, this new product rounds out Euronext's existing private placement bond range by extending it to Alternext.







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