BME’s fixed-income market, AIAF, has admitted to trading a new Commercial Paper Programme by Sociedad Estatal de Participaciones Industriales (SEPI) with a maximum outstanding balance of 1 billion euros.
Through this programme, SEPI will be able to flexibly issue commercial paper over the next 12 months with maturities of more than 3 days and up to 364 days, included, with an individual face value of 100,000 euros. This new programme marks SEPI’s return as an issuer to the wholesale capital markets after having utilized fixed-income financing instruments in the 1990s.
Banca March will act as Arranger and Paying Agent for the issuances made under the programme. The placement of the commercial papers will be carried out by a broad group of financial institutions to be selected by SEPI.
J&A Garrigues has served as legal counsel to the issuer for the commercial paper program.
SEPI has short-term and long-term ratings of A-1 and A+, respectively, both with a stable outlook, from the rating agency Standard & Poor’s Global Ratings.
Sociedad Estatal de Participaciones Industriales (SEPI) is a strategic instrument for implementing the Government’s policy for the public business sector. Its mission is to ensure the profitability of the businesses in which the State holds an interest and to guide all actions in accordance with the public interest. Thus, SEPI’s management must balance economic profitability with social returns. SEPI was established in 1995 by Royal Decree-Law 5/1995 of June 16, subsequently enacted as Law 5/1996 of January 10, 1996, on the Creation of Certain Public-Law Entities, and is attached to the Ministry of Finance.
Its scope of operations encompasses 14 companies in which it holds direct and majority stakes, comprising the SEPI Group, with a workforce of over 87.000 employees; it is also a shareholder in Corporación RTVE, oversees a public foundation, and holds direct minority stakes in 11 companies and indirect stakes in more than 100 companies.
The SEPI Group is one of the largest business organizations in the country and a key player in the economy; its holdings in companies across key sectors contribute to Spain’s economic growth and strategic autonomy in Europe and, by extension, in the global market.
Its total revenue in 2024 reached €6.355 billion, and the market capitalization of SEPI’s minority stakes in publicly traded companies was €10.730 billion.
You can find more information about BME’s fixed-income markets on its website.
