Cases & Deals

Crédit Immobilier de France Développement completes fourth 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 fourth public securitization of French residential loans of €635 million through the French fonds commun de titrisation "Harmony French Home Loans FCT 2021-1". The Class A Notes rated AAAsf (Fitch)/Aaa(sf) (Moody's) and Class B Notes rated Asf (Fitch)/A1(sf) (Moody's) issued on June 24, 2021 by Harmony French Home Loans FCT 2021-1 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.