Cases & Deals

Crédit Immobilier de France Développement completes first public securitization transaction of residential loans

Clients Crédit Immobilier de France Développement

Jones Day acted as legal adviser of Crédit Immobilier de France group in its first public securitization of residential loans through the French fonds commun de titrisation “Harmony French Home Loans FCT 2019-1” in connection with a portfolio of French residential loans of €710 million (US$792.8 million). The Class A Notes rated AAA (Fitch)/Aaa (Moody's) and Class B Notes rated A+ (Fitch)/A3 (Moody's) issued on November 4, 2019 by Harmony French Home Loans FCT 2019-1 are both listed on Euronext Paris. The securitization transaction was notified to ESMA as "STS" (simple, transparent, and standardized) in accordance with 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. Prime Collateralized Securities (PCS) EU SAS was appointed as third party verifier to verify the compliance of the securitization transaction with the STS criteria, and to provide for CRR and LCR assessments.