SACYR has renewed its European Commercial Paper Programme and has incorporated Banco Sabadell, Bankia, Fidentiis and BRED alongside Banco Santander as permanent dealers. The size of the programme is unchanged at 300 million Euro. It is listed on the Irish Stock Exchange (ISE) and is coordinated by PKF Attest.
Sacyr is a blue-chip, multinational infrastructure and services company listed on the Ibex since 1953. The Group has maintained an international strategy since the mid-90s and currently has presence in almost 30 countries through the companies that make up SACYR, which employ 30,000 people.
The consolidated revenues of the SACYR Group in 2018 totalled €3.8 billion on EBITDA of €543 million. At year-end, its backlog of projects pending execution exceeded €41.7 billion.
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Commercial Papers are an efficient source of funding
Commercial Papers are short-term money-market securities used as a funding source by financial institutions, as well as governments, supranational agencies and mid and large corporations.
For corporate issuers, Commercial Papers are an extremely efficient funding source, that is complementary to banking facilities and credit lines. It is an efficient working capital solution via Debt Capital Markets.
Commercial Papers are issued under a shelf programme, that has an annual validity (renewable) and a predetermined maximum outstanding size. Notes under a CP programme may be issued at a discount or at a premium, they may bear fixed or floating rate interest. Although CPs, most usually, carry an implicit coupon, they are issued at discount and mature at par (100%)
Maturity of notes ranges from 3 days to 24 months for Pagarés Programmes and from 1 to 364 days for ECP (European Commercial Paper Programmes).
Commercial Papers are multi-currency instruments that can be issued in different currencies; predominantly in EUR, USD, CHF and GBP. They have a minimum denomination of €100K and are intended for wholesale institutional investors, both national and international.
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