The issuer perspective: Making short-term funding work 

Claudia Pieroni  - Responsabile Mercato Monetario, Gruppo Ferrovie dello Stato Italiane (FS Italiane)

For corporate issuers, commercial paper offers a flexible and cost-efficient way to manage short-term funding needs. Drawing on her experience at Gruppo Ferrovie dello Stato Italiane (FS Italiane), Claudia Pieroni explains how it fits into a broader funding strategy, why investor relationships matter and what STEP brings to the market. 

After 30 years in international banking, Claudia Pieroni made the transition to corporate treasury at FS Italiane, bringing with her extensive experience in fixed income, derivatives, origination and funding management. 

Her career had already given her a thorough understanding of money markets and asset-liability management. Moving to the corporate side offered a different perspective: the instruments may be familiar, but the funding needs and priorities are not always the same. 

At FS Italiane, commercial paper forms part of a diversified short-term funding strategy, alongside bank credit lines. These instruments help finance the Group's day-to-day activities, from payments to suppliers and working capital requirements to operational investments that support continuity of service. 

Flexibility with discipline 

For Claudia, the appeal of commercial paper lies in its simplicity, flexibility and competitive pricing. 

"Commercial paper is a simple, flexible and cost-efficient instrument," she explains. "It allows us to present our funding needs to a broad range of investors through our dealers." 

This access to investors can make commercial paper an attractive alternative to traditional bank financing. But effective funding management requires more than securing favourable rates. 

At FS Italiane, funding decisions are guided by cash-flow forecasts and the need to balance maturities, costs and liquidity across different sources. The objective is to maintain a reliable and efficient short-term funding portfolio that supports the Group's operational needs. 

Building investor confidence 

Access to a broad investor base is particularly important in a market where short-term instruments must regularly be refinanced. 

For issuers, visibility and transparency help establish credibility and maintain investor interest over time. Investors need to understand both the company's underlying business and its credit profile. 

This is also where Claudia sees value in the STEP label. 

When FS Italiane established its commercial paper programme, applying for STEP was a natural next step. The STEP label gave the programme greater visibility within a recognised European framework and made its key characteristics readily accessible to market participants. 

"STEP provides investors with a useful point of reference, making it easier to assess and compare commercial paper programmes," Claudia notes. 

Common standards for documentation, disclosure and transparency help investors navigate different programmes and facilitate discussions with potential investors across Europe. 

A market built on relationships 

Looking ahead, Claudia believes that the European commercial paper market would benefit from closer relationships between issuers, dealers and investors. 

Drawing on her previous experience in long-term fixed-income markets, she emphasises the importance of maintaining a relationship-driven approach, even as market practices and technologies evolve. 

Roadshows, conferences and other opportunities for direct exchange can help participants better understand each other's needs and strengthen market connections. 

"Bringing issuers, dealers and investors closer together can make a real difference," she says. 

Her perspective is a reminder that efficient short-term funding relies on more than financial instruments and market infrastructure. Trust, visibility and the relationships that connect market participants matter too.