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Renault SA refinances most of its automobile business on the capital markets, chiefly through long-term funding (bond issues, private placements) excluding the French State Loan of 3 billions euros. This provides the Automobile Division with a minimum level of liquid funds at all times.

Debt Profile 

Maturity schedule for Renault SA bonds and equivalents at 12/31/2009 (EUR million)

  • To diversify its long-term funding sources, Renault SA developped untill 2008 its presence in the domestic bond market in Japan. It has made eight Samurai issues (yen-denominated bonds issued in Japan by non-Japanese entities), the latest of which in January 2008. The Shelf emission program ended in September 2009.
  • The EMTN* program was updated in June 2009. The ceiling still being  EUR 7 billion.

At december 31, 2009 Renault SA's debt was spread evenly across a maturity spectrum ranging from 1 to 5 years.

 

* 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.