Cases & Deals

BPCE completes €900 million French consumer loan receivables private securitisation transaction

Client(s) BPCE SA

Jones Day acted as legal adviser of BPCE SA and Natixis as arrangers, on a private French consumer loans securitisation through the establishment of a French fonds commun de titrisation (FCT) named “BPCE Demeter Tetra FCT”. BPCE Demeter Tetra FCT issued privately placed Senior Notes on 28 March 2024 for an aggregate amount of €900 million. The underlying assets were composed of consumer loans transferred in full title by way of financial collateral arrangement governed by articles L. 211-38 et seq. of the French Monetary and Financial Code implementing Directive 2002/47/EC of the European Parliament and of the Council dated 6 June 2002 on financial collateral arrangements (the Collateral Directive) as security to loans granted to the participating originators belonging to the BPCE Group. The securitization transaction was notified to ESMA as "STS" (simple, transparent, and standardized) in accordance with the Regulation (EU) 2017/2402 dated 12 December 2017 laying down a general framework for securitization and creating a specific framework for simple, transparent, and standardized securitization.