BPCE completes new structured covered bonds on SME and renewable energy projects
Client(s) BPCE SA
Jones Day acted as legal adviser of BPCE SA on a private structured covered bonds program through the establishment of a French fonds commun de titrisation (FCT) named “Orama Master FCT”. The structure replicates a typical French covered bonds structure with double recourse over banks belonging to the BPCE group, as borrowers, and a cover pool composed of French loans receivables financing SME and renewable energy projects based in France transferred by those borrowers 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 the implementing the Directive 2002/47/EC of the European Parliament and of the Council dated 6 June 2002 on financial collateral arrangements (the Collateral Directive). The first series of Notes (2025-1 Notes) was issued on 17 December 2025 for an aggregate amount of €341 million, was privately placed and is rated Aa2 by Moody's.
