EDF today launches campaign to its bond for individuals. Officially, the Group has no purpose, but Pierre Gadonneix, its CEO, found that a collection of 1 billion euros would be "an order of magnitude reasonable." "One billion euros, this had appeared me to have only a little ambitious initially, but EDF made an as"teasing"and such a communication on the investment that it is not impossible," said a banker. All the major French banks (Crédit Agricole, BNP Paribas, Société Générale, Crédit Mutuel, HSBC France, La Banque Postale, etc.) are involved in the placement. They should be active, because the commissions are high: they reach 2 of the amount of the collection.
But, since the introduction of the directive MIF, financial investment Council is more box. "It is a fairly complex sale, because it is not clear to measure the appetite of our clients for this type of product, indicates the pattern of a large bank network.". It is not an operation for the general public: we will of course meet the demand of clients seeking, but explore only a targeted customer comfortable with this type of product.
A caution is explained. Several banks were scolded by the Autorité des marchés financiers (AMF) at the time of the introduction in EDF's scholarship, in November 2005. The Constable of the stock market had indeed received a dozen complaints from individuals deploring that their banker made them agree without preventing EDF titles, which were then immersed. BNP Paribas and Société Générale had received a warning and had been punished by a fine of 500,000 euros.
Go head to head
Banks should not repeat the same mistakes for this great first post-crisis financial investment. "We are not going to be too"pushy"sales, explains Aydugan Basol, head of product savings to Credit Agricole North of France.". Of course, we will contact active clients, but signature EDF has a recognized reputation and we take media advertising. We are building on an oversubscription, with a largely spontaneous application. "None of these networks has also provided business purpose to his advisers. "EDF awarded envelope by network and is also the possibility to stop the distribution at any time," says Aydugan Basol.
One network to another, the operation was not handled in the same way. Bond investments are most familiar heritage of mutualistic networks advisors, because they emit regular destination of their customer debt. Conversely, in commercial establishments, a few level discounts were sometimes necessary. "We have not sold emission"corporate"since the 1980s." "It therefore took explain to our young clients charged what it was so that they can advise our customers", explains Michel Guigal, Director customer specific and professional for BNP Paribas. Appointments in head to head are also systematically planned. "We want to be particularly meticulous." Networks have instructed that all passes through an appointment with the customer. "We are developing lists of people to contact to their attention, which we know that they already have investment bond or who share their interest in this type of product," he continued.
For savers, the operation appears to be relatively attractive. The EDF obligations, of a unit value of 1,000 euros, carry an annual coupon of 4.5 over five years. It is 150 basis points more than the same sovereign obligations period. And nearly 300 points better than the booklet A database. But once deducted from social and tax levies, the net return is reduced a little over 3. "These obligations EDF risk is extremely low, but it is not null, for example, a resurgence of inflation", also recalled a professional. Two banks, Calyon (Crédit Agricole) and Société Générale are committed to ensure the liquidity of the obligation before maturity.
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