BPCE completes €1.3 billion French consumer loan receivables private securitisation transaction

Client(s) BPCE SA

Jones Day acted as legal adviser of BPCE SA, as arranger, on a private French consumer loans securitisation through the establishment of a French fonds commun de titrisation (FCT) named “BPCE Demeter Penta FCT”. BPCE Demeter Penta FCT issued privately placed Senior Units on 24 April 2025 for an aggregate amount of €1.3 billion. The underlying assets were composed of consumer loans transferred in full title by way of financial collateral arrangement governed by articles L. 211-38 et seq. of the French Monetary and Financial Code implementing Directive 2002/47/EC of the European Parliament and of the Council dated 6 June 2002 on financial collateral arrangements (the Collateral Directive) as security to loans granted to the participating originators belonging to the BPCE Group. The securitisation transaction was notified to ESMA as "STS" (simple, transparent, and standardised) in accordance with the Regulation (EU) 2017/2402 dated 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent, and standardized securitisation.