ECB has ‘misunderstood CP market’, says agency funding boss

By Lewis McLellan
22 Apr 2020

The European Central Bank’s purchase programme will do little to aid agencies in raising cash in the commercial paper market, making little difference to rising borrowing costs and expanding programmes, according to Jérôme Margerin, head of short-term funding at ACOSS, one of Europe’s largest non-sovereign CP issuers.

Margerin believes that, while the ECB is doing everything it can to smooth issuers’ paths to market, its measures are not well designed to help short-term public sector borrowers.

Agence Centrale des Organismes de Sécurité Sociale is the agency responsible for the cashflows of the French social security sector, ...

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