Cases & Deals

Natixis acts as joint lead manager and swap counterparty in €550 million securitisation of French law consumer revolving credit receivables originated by BPCE Financement

Clients Natixis

Jones Day advised Natixis, as joint lead manager and swap counterparty, and the other joint lead manager, on a securitization of French law consumer revolving credit receivables deriving from revolving credit agreements originated by BPCE Financement through the issuance of €550 million Class A2023-1 Notes due July 25, 2036 by the French fonds commun de titrisation "PURPLE MASTER CREDIT CARDS”. The Class A2023-1 Notes are rated "AAA(sf)" by DBRS and "Aaa(sf)" by Moody's and are 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.