Christine Van Gallebaert

Partner

Paris + 33.1.56.59.39.39

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Christine Van Gallebaert focuses on securitization, covered bonds, debt funds, and more broadly in financing backed by financial assets of all types (trade receivables, residential mortgage-backed securities [RMBS], auto lease receivables or equipment lease receivables, consumer loans, and nonperforming loans).

Christine advises the originator, the arranger, or the lead managers in connection with numerous STS (simple, transparent and standardised) securitization transactions, since STS went into force on January 1 2019, of European Regulation No. 2017/2402 of December 12, 2017, establishing a general framework for securitization and a specific framework for simple, transparent, and standardised securitizations. She regularly works on multijurisdictional trade receivables securitization transactions (USA, Canada, Europe). She acts as regular counsel to numerous covered bond issuers and recently participated in the establishment of the first European Secured Notes (ESN) issuance program.

She has been teaching securitization as part of the Master 2 Banking and Financial Law degree at the University of Paris I Panthéon-Sorbonne since 2009.

Experience

  • Bpifrance launches pioneer €2 billion ESN programJones Day acted as legal adviser of Bpifrance and BNP Paribas, as co-arrangers, in the setting up of an innovative €2 billion European Secured Notes (ESN) program through the establishment of a French fonds commun de titrisation (FCT) named “Bpifrance Master ESN FCT”.
  • Mirabelle launches reverse mortgage loans fundJones Day advised Mirabelle, a French financing company licensed and supervised by the French Prudential Supervision and Resolution Authority (ACPR), in connection with the establishment of a French fund dedicated to the refinancing of reverse mortgage loans (prêts viagers hypothécaires) granted by Mirabelle to French individuals.
  • BPCE completes new structured covered bonds on SME and renewable energy projectsJones 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”.
  • Crédit Immobilier de France Développement completes new public RMBSJones Day acted as legal adviser of Crédit Immobilier de France Développement in its public securitization of French residential loans of €495 million through the French fonds commun de titrisation "Harmony French Home Loans FCT 2025-1".
  • BPCE completes €1.3 billion French consumer loan receivables private securitisation transactionJones Day acted as legal adviser of BPCE SA, as arranger, on a private French consumer loans securitisation through the establishment of a French fonds commun de titrisation (FCT) named “BPCE Demeter Penta FCT”.
  • BPCE completes structured covered bonds backed by leasesJones 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 “Capitole Master FCT”.
  • Investor completes investment into €500 million Class A2024-02 Notes under Ophelia Master SME FCT programmeJones Day advised one investor in connection with the issuance of the series of Class A2024-02 Notes backed by French small-and-medium enterprises loan receivables originated by certain Banques Populaires and Caisses d'Epargne belonging to the Groupe BPCE and assigned to a French fonds commun de titrisation "Ophelia Master SME FCT" with BPCE as arranger.
  • Arval UK Limited completes first securitisation of UK corporate and consumer auto leasesJones Day acted as legal adviser of Arval UK Limited, as seller, in connection with its first securitisation of English law corporate and consumer auto lease receivables having a nominal value of £402.3 million, through the special purpose vehicle "Pulse UK 2024 plc".
  • ABN AMRO, Natixis, and UniCredit complete securitisation of French residential loan receivables with issuance through BPCE Home Loans FCT 2024 Green UoP of €750 million Class A Notes qualifying as Secured Green Standard BondsJones Day advised ABN AMRO Bank N.V., Natixis, and UniCredit Bank GmbH, as joint lead managers, and Natixis, as interest rate swap counterparty, in connection with the securitisation of French residential loan receivables originated by certain Banques Populaires and Caisses d'Epargne belonging to the Groupe BPCE through the establishment of a French fonds commun de titrisation "BPCE Home Loans FCT 2024 Green UoP" with BPCE and Natixis, as joint arrangers.
  • Natixis, BofA Securities Europe S.A., and ING Bank complete securitization of French consumer loans with issuance of €750 million Class A Notes through BPCE Consumer Loans FCT 2024Jones Day advised Natixis, BofA Securities Europe S.A., and ING Bank N.V. as joint lead managers, and Natixis, as interest rate swap counterparty, in connection with the securitization of French consumer loans originated by certain Banques Populaires and Caisses d'Epargne belonging to the BPCE group through the establishment of a French fonds commun de titrisation "BPCE Consumer Loans FCT 2024".
  • BPCE completes €900 million French consumer loan receivables private securitisation transactionJones 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 completes €2 billion structured covered bonds programJones Day acted as legal adviser of BPCE SA on a private €2 billion structured covered bonds program through the establishment of a French fonds commun de titrisation (FCT) named “AVAL Master FCT”.
  • Vibrantz completes US$140 million new STS trade receivables securitisation and €10 million trade receivables factoring programmeJones Day assisted Vibrantz Corporation in relation to a new (i) US$140 million cross-border STS trade receivables securitization transaction with ING Belgium NV/SA and NORD/LB and (ii) €10 million bilateral factoring programme with ING Commercial Finance.
  • Pristine manages securitization fund refinancing football club Olympique LyonnaisJones Day assisted Pristine SAS, as asset manager, in connection with the innovative refinancing of the football club Olympique Lyonnais via assets backed notes issued by a French fonds commun de titrisation “FCT OL StadCo”.
  • Natixis, UniCredit, and BofA Securities Europe complete securitization of French residential loans with issuance of €900 million of Class A Asset-Backed Floating Rate Notes through BPCE Home Loans FCT 2023Jones Day advised Natixis, UniCredit, and BofA Securities Europe, as joint lead managers, and Natixis as 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 2023”.
  • Citi completes first securitisation of SME loans for DefactoJones Day assisted Citi, as senior lender, in connection with the securitization by Defacto of SME loans through a fonds commun de titrisation (FCT).
  • Silvr launches its first securitisation of SME loansJones Day assisted the SME lending platform Silvr in connection with the securitization of SME loans through the Luxembourg securitization vehicle “Delphi F1” raising a tranched financing with Citi, as senior lender, and Channel, as mezzanine finance provider through its funds.
  • Crédit Agricole Home Loan SFH issues €1.25 billion 3.25% Social Soft Bullet Covered BondsJones Day represented Crédit Agricole Home Loan SFH in connection with the Social Covered Bonds issuance under the €40 billion covered bonds issuance program, which is the second social issuance for the issuer.
  • BPCE group closes €1 billion private French consumer loans securitizationJones Day advised BPCE, as arranger, on a securitization of French consumer loans originated by certain Caisses d'Epargne belonging to the BPCE group through the establishment of a French fonds commun de titrisation "BPCE Demeter Uno FCT".
  • Natixis acts as joint lead manager and swap counterparty in €550 million securitisation of French law consumer revolving credit receivables originated by BPCE FinancementJones 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”.
    • View All

    February 2026 Commentary

    ECB Redefines Residual Value Risk, Threatening European Auto Loan Securitization Eligibility

    January 2026 Commentary

    ECB Fast-Track Assessments for Capital Operations and Securitizations

    September 2025 Commentary

    Reform of the EU Securitisation Framework—Part 10: Changes to the Liquidity Coverage Ratio (LCR) Regulation

    September 2025 Commentary

    Reform of the EU Securitisation Framework—Part 9: Changes to Capital Requirements

    September 2025 Commentary

    Reform of the EU Securitisation Framework—Part 8: Changes to Certain STS Requirements

    August 2025 Commentary

    Reform of the EU Securitisation Framework—Part 7: Changes to the SRT Framework

    August 2025 Commentary

    Reform of the EU Securitisation Framework—Part 6: Changes to the Supervisory Regime

    August 2025 Commentary

    Reform of the EU Securitisation Framework—Part 4: Amendments to the Transparency Regime Under Article 7 of the EU Securitisation Regulation

    August 2025 Commentary

    Reform of the EU Securitisation Framework—Part 3: "Resilient Securitisations"

    July 2025 Commentary

    Reform of the EU Securitisation Framework—Part 2: Proposed Definitions of "Public" and "Private" Securitisations
    View All

    Additional Speaking Engagements

    • 14 février 2019
      Tendances et actualité du Private Equity
    • 13 novembre 2018
      Projet de loi PACTE : Deux séminaires dédiés chez Jones Day
    • November 13, 2018
      Jones Day dedicates two seminars to PACTE
    • June 21-22, 2018
      Conflict of laws issues and European Commission's Proposal on the law applicable to the third-party effects of assignment of claims, Summer School in International Financial Law, University of Milan
    • 16 janvier 2018
      Actualité du private equity 2018 : la SLP, Fonds de dette, Actualités européennes, Actualité fiscale

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