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Events of 2018

The year 2018 will mark a new chapter for the CNA in the financing of highway infrastructures.

First of all, 5 of the 6 companies in the 3 privatized groups in 2006 have definitively amortized their debt with the CNA, thus ending their financial relationship with the institution.

Only APRR remains liable until 2027 for a loan on savings funds subscribed in 2004 for the financing of security works of the Maurice Lemaire Tunnel.

It should be noted that these 3 groups are no longer eligible since 2006, 2009, and 2010 for new financing from the CNA and have had to call on the markets to ensure the financing of their investments.

The CNA therefore now has only three counterparties to its financing, the SFTRF bearing the bulk of the debt.

In terms of outlook, outstanding CNA is expected to remain stable over the next few years as no significant amortization of borrowing is expected before 2025.

In addition, the two highway tunnel concession companies, Autoroute and Tunnel du Mont-Blanc (ATMB) and the Société Française du Tunnel Routier du Fréjus (SFTRF), should not need to solicit short-term financing or refinancing of investments from the CNA.

Please remember that since the decree of August 14, 2017, the institution no longer has the capacity to raise the resources needed on the bond market to finance qualifying concessionary companies for more than one year


Bond issue dated April 5 2017


Bond issue 2025 dated April 5th 2017