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 2023

Client(s) Natixis, UniCredit, and Bofa Securities Europe

Jones 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”. BPCE Home Loans FCT 2023 issued €900 million of Class A Asset-Backed Floating Rate Notes rated AAA (Fitch)/Aaa (Moody’s) and is 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 assess compliance of the securitization transaction with the STS criteria, and to provide for CRR and LCR assessments.