Motorway investments are financed by the CNA for the most part on the bond market; in addition, long-term financing agreements have been signed with the European Investment Bank for the partial financing of motorway projects or programmes of improvement work on the existing network until 2006. The SCA wanted to smooth out their debt maturities depending on their repayment capabilities. In response, the CNA had to issue over relatively long periods. The amount of the issues is determined by addition of the financing needs of several SCA. Given the activity of the companies financed, the natural market of the CNA is the euro market. Loans are launched for professional investors with no public offering. They are quoted on the Stock Exchange; loans in international legal form are also quoted in Luxembourg. With the aim of improving liquidity on the secondary market, the CNA builds lines of reference through successive additional contributions. The line of 2013 maturitie, created before 1st January 1999 and redenominated in euros, has an outstanding debt of more than one billion euros. In 2002, in just one transaction, the CNA issued a loan of one billion euros on the 2017 maturity and increased the 2014 line to one billion euros. In 2003, the CNA issued a bond of 500 million euros on maturity 2018, increased by E450M in 2004, E300M in 2005, E429M in 2006, E124M in 2007, E133.6M in 2008 and finally E55.4M in 2009 bringing to E1.992 billion the outstanding loan on this settlement date. Finally, the 2005 bond issue in the amount of E336.26M, maturing in 2025, has been regularly supplemented since 2011 and now represents total liabilities worth close to E800M. It should be pointed out that the size of credit lines is limited naturally by the annual capacity to repay of the companies financed by the CNA. Moreover, as far as possible, new lines of credit have a minimum outstanding loan of 500 million euros. The bond is usually at a fixed rate. However, part of the debt can be made variable via interest rate swap contracts signed when certain loans are issued.