Capital markets
Renault SA refinances most of its automobile business on the capital markets, chiefly through long-term funding (bond issues, private placements). This provides the Automobile Division with a minimum level of liquid funds at all times.
Debt Profile
- To diversify its long-term funding sources, Renault SA is stepping up its presence in the domestic bond market in Japan. It has already made seven Samurai issues (yen-denominated bonds issued in Japan by non-Japanese entities), the latest of which in January 2008.
- The ceiling on its Japanese domestic issues is JPY 150 billion, valid from September 2007 to September 2009.
- The EMTN* program was updated in June 2007. The ceiling still being EUR 7 billion.
At december 31, 2007 Renault SA's debt was spread evenly across a maturity spectrum ranging from 1 to 7 years.
Maturity schedule for Renault SA bonds and equivalents at 31/12/2007 (EUR million) (1)
(1) Nominal amounts are valued on 31-Dec-2007 exchange rates.
* Euro Medium Term Note: documentation issued by a company planning to issue bonds. Similar to a prospectus, the documentation provides information about all the issues the entity is intending to make. With an EMTN program, the company can tap the market whenever it needs funding or when conditions are attractive.
