Cases & Deals

Arval Service Lease completes first securitization of French corporate auto leases with BNP Paribas as arranger, lead manager, and swap counterparty

Client(s) Arval Service Lease and BNP Paribas

Jones Day acted as legal adviser of Arval Service Lease, as seller, and BNP Paribas, as arranger, lead manager, and swap counterparty, in connection with a €409.4 million French corporate auto lease receivables securitization through the French fonds commun de titrisation "FCT Pulse France 2022".

The Class A Notes rated AAAsf (Fitch)/AAA(sf) (DBRS) issued on October 6, 2022 by FCT Pulse France 2022 are listed on the Luxembourg Stock Exchange. 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 assessment.