Cases & Deals

Natixis and Goldman Sachs complete €1.5 billion first Green "use of proceeds" RMBS in France for BPCE group

Client(s) Natixis and Goldman Sachs Bank Europe SE

Jones Day acted as legal adviser to Natixis and Goldman Sachs Bank Europe SE, 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 2021 Green UoP". BPCE Home Loans FCT 2021 Green UoP issued on October 26, 2021, €1.5 billion of Class A Asset-Backed Floating Rate Notes rated AAA(sf) (Fitch)/AAA(sf) (S&P) 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. This transaction is the fourth STS Home Loan RMBS publicly offered to investors by BPCE Group on loans originated by the cooperative banking networks of Banque Populaire and Caisse d’Epargne. It is the first Public Green Bond (Use of Proceeds) from a French RMBS issuer.