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BPCE completes €2 billion structured covered bonds program

March 2024

Client(s) BPCE SA

Jones 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”. The structure replicates a typical French covered bonds structure with double recourse over BPCE S.A. and a cover pool composed of French lease receivables. The first series of Notes (2024-1 Notes) was issued on March 20, 2024 for an aggregate amount of €300 million and was privately placed.

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