Commercial Paper Programmes

RWE utilises commercial paper to finance short-term liquidity needs and ensure availability of sufficient funds for daily operations and commodity trading activities. We are an established issuer of commercial paper with a long history dating back to 2001.

Today, RWE maintains two commercial paper programmes. The European programme (ECP), allows for the issuance of up to EUR 5 billion, and the US programme (USCP), which facilitates the issuance of notes of up to USD 3 billion.

	European Commercial Paper Programme (ECP)	USD Commercial Paper Programme (USCP)
Issuer	RWE AG	RWE AG
Volume	EUR 5 billion	USD 3 billion
Term	Up to 364 days	Up to 364 days
Currency	No restriction as long as the currency is freely convertible into euros; pending on agreement by Dealer(s)	USD
Dealers	Barclays, Bayern LB, BNP Paribas, Citigroup, Commerzbank, DZ BANK, Landesbank Baden-Württemberg, NatWest Markets, Société Générale	Bank of America, Citigroup, J.P. Morgan
Issuing and payment agent	Deutsche Bank	Citibank
Labels	Short-Term European Paper (STEP) compliant	None
Update cycle	Regular update according to STEP regulations	None
Programme Rating	Not rated	Moody’s: P-2
Short-Term Rating	Moody’s: P-2 Fitch: F1	Moody’s: P-2 Fitch: F1
Downloads	Commercial Paper Programme (PDF)	–