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Investor Relations   Imprimer 

About Acoss

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The central agency of social security bodies (L'Agence centrale des organismes de sécurité sociale , or Acoss) is the national fund of the Urssaf network. Acoss steers and runs the Urssaf network, is in charge of providing joint management for the cash flow of the various branches of the general plan and produces statistics and studies on a regular basis on the cyclical movements linked to jobs and payroll.

Within the framework of financing the general plan, the Urssaf network must constantly orchestrate the attaining of a high level

of collections and providing support to companies that are experiencing financial difficulties.

Its strategy is based on the development quality of the relations and service with the 9.6 million small, medium and large-size companies, associations, territorial governments, private employers, the self-employed and more than 800 partners for which it collects contributions.

It ensures fair treatment for all of the contributors, in particular through its participation in the fight against fraud and social evasion. In 2012, Acoss collected 441 billion euros including 87.9 on behalf of partners outside the general plan.

The management of the financings in 2012 : Prevalence of market financings

Lower Financing Needs 

After a 2011 still marked by very high financing needs, the balance of the ACOSS account followed a more traditional profile in 2012.

After a historical 2010 in terms of financing needs (€49.5B at the end of the year), the balance of the ACOSS account had gradually improved in 2011 with the purchases of debts carried out by the Cades for a total amount of €65.3B. In 2012, the balance of the ACOSS account returned to a more traditional profile, going from -€4.7B at the beginning of the year to -€16.6B at the end of the year.

The low point of the cashflow was recorded on 14 December 2012 with a balance of -€18.4B, and the high point was reached on 07 February 2012 with a balance of +€4.1B. The purchases of debt by the Cades carried out during first half of the year, for a total amount of €6.6B, enabled the annual average balance to be limited to -€8.1B (after -€14.4B in 2011). 

A Financing Need Met Mainly By Private Subscriptions 

In 2012, ACOSS accentuated its financing and cost optimisation policy by favouring market financings and social security cashflow pooling.

This policy, initiated in previous years, which consists of favouring Commercial Paper and Euro Commercial Paper issues and optimising the cashflows of the partners of the social security and public spheres, was considerably amplified in 2012. It enabled a substantial volume of financing to be secured while optimising the costs. 

Financial resources mobilized in 2012
Financial resources mobilized in 2012

2012 Financing Breakdown 

In 2011, the breakdown of ACOSS’s financings, averaging €11.7B, was thus based mainly on:

- A financing by optimisation of the public and social security cashflows in an amount of €3.7B on average, in particular with partners from the public sphere such as the AFT, and from the social security sphere such as the CADES, the CNSA, and the CNRSI, in deposit or Commercial Paper form;

- A financing by Euro Commercial Paper issues of an average value of €5.2B,

- A financing by Commercial Paper on the financial market (excluding partners from the public and the social security spheres) of an average value of €1.9B,

- And a financing ensured by the CDC by means of loans for a few days of an average amount of €0.9B.

The financing sources were thus broken down in 2012 as follows: 45% of the financing volumes was contributed by Commercial Paper issues, more than two thirds of which were with the social security and public spheres, 44% of the issues were carried out by means of the Euro Commercial Paper programme, 3% of the funds came from third-party deposits (coming from the CNSA and from the SSCP in the context of the social security cashflow pooling operations), and 8% of the financing was ensured by the CDC in the form of advances for a few days.

2012 Financings: Average Breakdown
2012 Financings: Average Breakdown

A prevalence of market instruments in the financing

At 31 December 2012, the total outstandings of ACOSS’s market issues had reached €16.9B.

The Commercial Paper outstandings amounted to €9.8B at the end of the year, and had been obtained thanks to the Commercial Paper issue programme, subscribed, on the one hand, by the partners of the public and social security spheres for an amount of €6.6B, and on the other, by the usual investors of this market, for €3.2B.

The Euro Commercial Paper programme, for its part, had contributed to the cover of the end-of-year need in an amount of €7.1B. Launched in July 2010, this programme has become one of the essential components of ACOSS’s financing in 2012.

The Commercial Paper and the Euro Commercial Paper issue programmes enjoy the highest scores (A-1+, P-1, and F1+) granted by the three rating agencies, S&P, Moody's and Fitch Ratings.

  • A Commercial Paper Programme Covering Nearly Half of the Financing Needs

The financing by Commercial Paper issues continued during the year 2012, and on average represented 45% of ACOSS’s total financing in 2012, against 36% in 2011. This progression is explained, on the one hand by the build-up of the cashflow pooling, and on the other, by the reduction of the CDC’s contribution to the overall financing.

The Commercial Paper programme’s ceiling remained unchanged in 2012, at €25B.

2012 Commercial Paper Outstandings
2012 Commercial Paper Outstandings

The average Commercial Paper outstandings over 2012 amounted to €5.2B, with a high point of €9.8B from 28 to 31 December, and a low point of €0.2B between 06 and 08 January.

Over the year 2012, more than 71% of the Commercial Paper was issued to partners from the public sphere, especially in the context of the social security cashflow pooling (CNSA, CNRSI), and through transactions with the AFT and the CADES. Thus, over 2012, the average Commercial Paper outstandings of €5.2B included €3.7B placed with those institutions.

The average duration of the Commercial Paper issues in 2012 was 59.2 days; it was 13.9 days in 2011 and 35 days in 2010.

The ACOSS counterparts on the Commercial Paper programme were about ten in number.

Breakdown of the Commercial Paper Issues Per Counterpart in 2012
Breakdown of the Commercial Paper Issues Per Counterpart in 2012

In 2012, 57% of the issues occurred at a fixed rate (against 21% in 2011).

In 2012, the fixed-rate Commercial Paper was issued on average at 0.13%, whereas the variable-rate issues were at 0.17%, to be compared with the 2012 EONIA average of 0.23 %.

Breakdown of the Commercial Paper Outstandings Per Rate Type
Breakdown of the Commercial Paper Outstandings Per Rate Type

  • Euro Commercial Paper:  Successful Diversification

Launched in 2010, the Euro Commercial Paper programme, which is managed by the AFT, now constituted ACOSS’s second indispensable funding source in 2012.

Become one of the essential components of the cover of the financing needs, it is the result of a diversification strategy with regard to the financing resources that was initiated in 2010.

2013 Best Issuer Prize

Acoss has just been awarded the 2013 Best Issuer Prize in the SSA category (Supranationals, Sovereigns and Agencies) by the CMD Association, which includes nearly 8,000 international finance professionals, in respect of the Euro Commercial Paper programme (ECP).

The 2013 Best Issuer Prize rewards the Agency’s efforts of transparency with respect to the financial community as well as its reliability in piloting and managing its issues. For several years, the Central Agency of the Social Security Associations (ACOSS) has indeed introduced a diversification policy with regard to its financing sources by means of a Commercial Paper programme initiated in 2006, supplemented more recently in July 2010 by a Euro Commercial Paper programme on the international market.

The Euro Commercial Paper is issued by mutual agreement (without quotation on a market) with short maturities and generally at a fixed discount rate. ACOSS establishes its cashflow profile on a daily basis in order to determine the overall issue needs. These are then transmitted to the AFT, which then proceeds with the issues not only according to ACOSS’s needs but also in the light of investor demand for ACOSS debentures. Daily contacts are established between the ACOSS and the AFT teams in order to co-ordinate the Euro Commercial Paper and the Commercial Paper issues.

With the reduction of the CDC share of the overall financing of 2012, the share of the financing by Euro Commercial Paper issues has strongly progressed, 44 being established on average at 44%, against 19% in 2011 and 6% in 2010, year of the programme’s launch.

The Euro Commercial Paper programme’s ceiling is set at €20B.

In 2012, the average Euro Commercial Paper outstandings amounted to €5.2B. The high point of the 2012 programme was €8.9B from 21 to 22 November, and the low point was €1.4B between 01 and 04 January.

Euro Commercial Paper Outstandings in 2012
Euro Commercial Paper Outstandings in 2012

The average duration of the Euro Commercial Paper issues rose in 2012 to 86.8 days after 63.8 days in 2011 and 94.3 days in 2010.

In 2012, the ECP issues were mainly processed with four banking institutions: Union de Banques Suisses (41.8%). Barclays (27.7%). Deutsch Bank (16.5%) and Crédit Suisse First Boston (10.2%). as well as with Crédit Agricole Indosuez (CAI), an additional partner. 

Distribution by counterpart of Euro commercial Paper in 2012
Euro Commercial Paper Breakdown Per Counterpart in 2011

The Euro Commercial Paper issues were at a fixed rate. This programme’s average financing rate in 2012 was 0.11%, after 0.68% in 2011 and 0.58% in 2010.

The ACOSS issues are categorised as sovereign issues. 39% of the issues were in American Dollars (31% in 2011), 36 % in Pounds Sterling (31% in 2011) and 15% in Euros (28% in 2011). The exchange rate risk on the Euro Commercial Paper was neutralised by means of swap transactions, in which the issue currency is exchanged against the Euro. The transaction is performed at the moment of the issue and enables all of the flows to be transformed into Euros. 

Euro Commercial Paper Breakdown Per Currency
Euro Commercial Paper Breakdown Per Currency

 2012 Key Figures

€441B of collections (excluding the of debt by the CADES), i.e. 21.7% of the TBI.

€459B of drawdowns

-€18.6B : cashflow variation (excluding the of debt by the CADES) between 01 January and 31 December

273,000 financial movements on the single ACOSS account

€3.6B : average value of the movements per day (in debit or in credit)

-€8.1B : average balance of the single account

€11.7B : average value of the financings

0.18% : the average annual rate of the financings

 

Reference institutional documents 

Obtain the financial statements in the Financial Statements section 

Press releases 

April 2013 : Standard and Poor's confirms 'A-1+' short terme rating at Social Security Central Agency (Acoss)

March 2013 : Fitch affirms Acoss's French CP & ECP programmes AT 'F1+'

March 2013 : Acoss received the award for best Transmitter 2013

November 2012 : Moody's confirms the prime-1 short term rating at Acoss 

Obtain the other dossiers in the Investor section :

- Ratings for the BT&ECP programmes

- Commercial Paper

- Euro Commercial Paper

- Contacts


  

- Report of the accountant 2010

- Report of the accountant 2009

 BT & ECP Rating

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The international rating agencies consider Acoss, a public institution, as a top-quality issuer.

Within this framework, they have granted the best ratings to the Commercial Paper and Euro Commercial Paper programmes.

Due its status, Acoss cannot finance itself for more than one year. As such, it does not have a long-term rating.

Download the Rating Letters for the Commercial Paper Programme 

17 juillet 2013 : Fitch confirme la note à court terme 'F1+' des programmes de billets de trésorerie et d’ECP

21 November 2012 : Moody's confirms the prime-1 short term rating at Acoss

20 Aout 2012 : Moody's confirme la note court terme P-1 de l’Acoss

30 Mai 2012 : Standard and Poor's confirme la note à court terme "A-1+" des programmes de Billets de Trésorerie et d'Euro Commercial Paper.

Mars 2012 : Fitch confirme la note à court terme 'F1+' des programmes de billets de trésorerie et d’ECP de l’Acoss

Lettres de notation

 

 

 

 You can find credit rating letters by clicking on the following links :

Fitch 

Moody's

Standard & Poor's 

 Commercial Paper

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Financial presentation of the short-term Commercial Paper programme.

Commercial Paper is a negotiable instrument, issued to the bearer, and are registered on the books with authorised intermediaries in accordance with the French legislation and regulations in effect.

Programme ceiling
€ 25 billion

Domiciliation Agent
CACEIS Bank

Investing agents

 

 

 

 

     Arrangers

Acoss

HSBC France

 

 

HSBC France

Bred

Natixis

 

 

Société Générale

BNP Parisbas

Société Générale

 

 

 

 

Crédit Agricole CIB

   

Ratings
P-1 Moody's , F1 + FitchRatings, A-1+ Standard & Poors

Financial presentation - Step Label -

 The Commercial Paper is governed by the
Monetary and Financial Code
under the authority of the Banque de France

 Financial Présentation
 

 

Due its status, Acoss cannot finance itself for more than one year. As such, it does not have a long-term rating.

 

 Euro Commercial Paper

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Financial presentation of the Euro Commercial Paper programme

The "Euro Commercial Paper" (ECP) programme is a type of commercial paper issued on the international market by international institutions and large companies. The ECP is, most often, governed by English law.

It can be issued in euros or foreign currency. The ECP is an over-the-counter issue (not listed on a market) on short-term maturities, less than one year.

The ECP is generally issued at a fixed rate and is accounted for at the source.

Programme ceiling
€20 billion

Domiciliation Agent
Citibank

Investing agents

 

 

 

 

Arrangers

Crédit Agricole CIB

Barclays Capital

 

 

UBS Investment Bank

Crédit Suisse

UBS Investment Bank

 

 


Banque
of América BOAML

 RBS

 


Ratings
P-1 Moody's , F1 + FitchRatings, A-1+ Standard & Poors


Financial documentation - Step Label -

 Information Memorandum

Due its status, Acoss cannot finance itself for more than one year. As such, it does not have a long-term rating.

 

Investor Contacts

Alain GUBIAN
Director of the Financial Department of Acoss
Email : alain.gubian@acoss.fr 

Emmanuel LAURENT 
Deputy director of the Financial Department of Acoss
Email : emmanuel.laurent@acoss.fr 

Alexandre BOIS
Financing and Investment Central Cash Flow Manager
Financial Department of Acoss .
Email : alexandre.bois@acoss.fr

Catherine ELIEZ 
Deputy to the Financing and Investment Central Cash Flow Manager
Financial Department of Acoss.
Email : catherine.eliez@acoss.fr

Postal address :

Acoss
36, rue de Valmy
93108 Montreuil cedex
Switchboard : +331 77 93 65 00

Dernière mise à jour : 26-11-2013

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