BPCE group completes €750 million private French consumer loans securitization
Client(s) BPCE SA, Unicredit Bank AG, and Natixis
Jones Day advised BPCE and Unicredit Bank AG, as co-arrangers, and Natixis, as cap counterparty, on a securitization of French consumer loans originated by certain Banques Populaires and Caisses d’Epargne belonging to the BPCE group through the establishment of a French fonds commun de titrisation "BPCE Demeter Tria FCT". The €750 million Class A Notes rated AAAsf (Fitch)/Aaa(sf) (DBRS) issued on July 28, 2021 are listed on Euronext Paris and were privately placed. The consumer loan receivables were transferred in full title by the originators to BPCE Demeter Tria FCT by way of financial collateral arrangements governed by articles L. 211-38 et seq. of the French Monetary and Financial Code. 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.