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Rallye also issues commercial paper, a form of short-term borrowing typically used by highly rated companies and banks. It placed 1.3 billion euros of the notes this year, but issuance in August was just 65 million euros compared with a monthly average of around 200 million euros since the start of 2017, according to Breakingviews estimates. Rallye has 311 million euros of commercial paper outstanding which must be repaid over the next 100 days. Naouri, a former senior civil servant and banker, has a backup. Banks have committed 1.7 billion euros of credit facilities. But there's a catch.

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