Cases & Deals

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

Clients Caisse Centrale du Crédit Immobilier de France SA

Jones Day acted as legal adviser of Crédit Immobilier de France group in its second public securitization of residential loans through the French fonds commun de titrisation "Harmony French Home Loans FCT 2020-1". The €650 million Class A Notes rated AAAsf (Fitch)/Aaa(sf) (Moody's) and €21.2 million Class B Notes rated A+sf (Fitch)/A2(sf) (Moody's) issued on March 27, 2020 by Harmony French Home Loans FCT 2020-1 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. This deal was elected “RMBS Deal of the Year” by the Global Capital European Securitization Awards 2021.