Natixis and BofA Securities complete securitization transaction of French residential loans
Clients Natixis and BofA Securities, Inc.
Jones Day acted as legal adviser to Natixis and BofA Securities, Inc., joint lead managers, and Natixis, interest rate swap counterparty, in connection with the securitization of French residential loans originated by the Banques Populaires and the Caisses d'Epargne through the French fonds commun de titrisation “BPCE Home Loans FCT 2020". BPCE Home Loans FCT 2020 issued on October 28, 2020 €1 billion of Class A Asset-Backed Floating Rate Notes rated AAA (Fitch)/Aaa (Moody’s) and 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 assess compliance of the securitization transaction with the STS criteria, and to provide for CRR and LCR assessments.