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CIF Group completes First STS Securitization in Europe

March 2019

Client(s) Crédit Immobilier de France (CIF) Group

Jones Day advised Crédit Immobilier de France (CIF) Group on the French home loans securitization made through "Private Harmony French Home Loans FCT". Crédit Agricole Corporate and Investment Bank and BNP Paribas are co-arrangers. The securitized assets are receivables arising from a portfolio of French home loans of more than €1 billion (US$1.1 billion). The notes issued by the French securitization fund Private Harmony French Home Loans FCT were privately placed.

It is the first securitization in Europe that has been notified with ESMA and published on its website as "STS" (simple, transparent, and standardized), since the entry into force, on January 1, 2019, of the EU Regulation 2017/2402 dated December 12, 2017 laying down a general framework for securitization and creating a specific framework for simple, transparent, and standardized securitization.

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