Crédit Immobilier de France Développement completes third public securitization transaction of residential loans
Client(s) Crédit Immobilier de France Développement
Jones Day acted as legal adviser of Crédit Immobilier de France group in its third public securitization of residential loans of €670 million through the French fonds commun de titrisation "Harmony French Home Loans FCT 2020-2". The Class A Notes rated AAAsf (Fitch)/Aaa(sf) (Moody's) and Class B Notes rated Asf (Fitch)/Aaa(sf) (Moody's) issued on October 22, 2020 by Harmony French Home Loans FCT 2020-2 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.