This phase will lead before the end of the year

In the light of the latest statistics of the France Bank, the public support to credit device seem almost superfluous. Despite an attenuation of growth on a year, business credit outstanding are maintained at a level in October, to 11.2 in annualized quarterly pace (EUR 782,9 billion), against 11 in September. Cash credits resumed between the two months of 8.5 9.2, and other types of loans, in particular, straighten 7.9 in August to 12.7 in October. Only flat, the investment funds the central part of credit to businesses with more than 310 billion euro of outstanding slowed significantly. Growth increased 14.6 in August to 11.4 in October.

On the merits, these figures contradict the felt of the enterprises, including the largest, and expectations of the banks themselves on current tightening of credit conditions that should affect the volumes. According to the last indicator COE Rexecode, produced with the Association of corporate treasurers that brings together the major French accounts, the balance of opinion on the margins of bank credit has tilted to a low point of about 3 in January to 60 in November on the question of an inflation. Especially, the search for funding fell from a high point of 20 per cent of treasurers the finding easy in January 2007, to a low point of 54.9.

Secure existing lines

Operation lighthouse of the year, with a syndication of 11 billion pounds, the financing of the acquisition of British Energy by EDF seeks more time. "Syndication is a little longer that expected, due to market turbulence, said Sylvie Billion, Treasurer of the EDF Group." We were indeed in the expectation of the resumption of the committees of credit or not. The time allocated to the phase of senior syndication is thus extended. We have a number of commitments and are waiting for a few others. This phase will lead before the end of the year. The General syndication phase will be launched in January.

Large companies are trying to secure their existing lines. Saint-Gobain has preferred to lengthen and pay its line of credit for the acquisition of Maxit to two years to manage its refinancing rather than be forced to launch a bond. In fact, this market is reopened for some companies, giving them an oxygen ball. But "at a stratospheric price, judge a financial director." "In addition, only those firms has or AA can emit, which greatly limits the number of elected officials." Rare BBB is being risked, Metro had to pay a "spread" of 590 basis points.

"Companies suffer from several factors, explains Sylvie Billion, which the Group has come full circle a 2 billion bond issue.". Because of lower rates, "spreads" fit mechanically to maintain overall rates at a price level that corresponds to the degree of risk perceived by investors, due to the volatility of the market in the current crisis, and are only linked to the quality of business risk, including for best top rated. But issue today is insurance for our refinancing plan.