ChristineVan Gallebaert

Partner

Paris + 33.1.56.59.39.39

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Christine Van Gallebaert's practice focuses on securitization, covered bonds, debt funds, and structured financings that are backed by receivables (notably trade receivables, mortgage loans, receivables over public entities, consumer loans, and nonperforming loans).

Christine has been recognized as an experienced practitioner in securitization deals by leading legal publications. She has recently set up several French direct lending funds, some of them being authorized as a European Long Term Investment Fund (ELTIF) by the French Market Authority for the purpose of granting loans to small and medium-sized enterprises throughout Europe. She advised the originators, arrangers, or lead managers in several securitizations notified as STS (simple, transparent, and standardized), since the entry into force, on January 1, 2019, of the EU Regulation 2017/2402 dated December 12, 2017, laying down a general framework for securitizations and creating a specific framework for simple, transparent, and standardized securitizations. She also regularly advises arrangers in trade receivables purchase programs covering several jurisdictions (the United States, Canada, and Europe).

Christine has lectured on securitization as part of the Master 2 banking and financial law program at Paris 1 Panthéon-Sorbonne University since 2009.

Experience

  • 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”.
  • BPCE and Natixis complete private securitization of €400 million French project finance loansJones Day advised BPCE and Natixis, as arranger and lead manager on a securitization of French project finance loans originated by Caisse d’Epargne CEPAC belonging to the BPCE group through the establishment of a French fonds commun de titrisation "BPCE Eolios I FCT".
  • Leading specialty and materials company amends and restates its receivables purchase and servicing agreementJones Day acted as transaction counsel in connection with an amendment and restatement of a leading specialty and materials company's receivables purchase and servicing agreement to incorporate, amongst others, an additional originator and to increase the programme amount.
  • Arval Service Lease completes first securitization of French corporate auto leases with BNP Paribas as arranger, lead manager, and swap counterpartyJones Day acted as legal adviser of Arval Service Lease, as seller, and BNP Paribas, as arranger, lead manager, and swap counterparty, in connection with a €409.4 million French corporate auto lease receivables securitization through the French fonds commun de titrisation "FCT Pulse France 2022".
  • Natixis completes private French consumer loans assets-backed securitisation for YounitedJones Day acted as legal counsel to Natixis, as arranger and senior investor, in connection with a private French consumer loans assets-backed financing through the establishment of a French fonds commun de titrisation (FCT) Youni ABF-1.
  • Crédit Immobilier de France Développement completes fifth public securitization transaction of residential loansJones Day acted as legal adviser of Crédit Immobilier de France group in its fifth public securitization of French residential loans of €570 million through the French fonds commun de titrisation "Harmony French Home Loans FCT 2022-1".
  • Natixis and Goldman Sachs complete €1.5 billion first Green "use of proceeds" RMBS in France for BPCE groupJones Day acted as legal adviser to Natixis and Goldman Sachs Bank Europe SE, joint lead managers, and Natixis, 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 2021 Green UoP".
  • Findomestic Banca (BNPP group) completes €800 million SRT securitizationJones Day advised Findomestic Banca S.p.A. (BNPP group) in connection with a €800 million public securitization of auto loan receivables originated by Findomestic Banca (BNPP group).
  • BNP Paribas acts as arranger and senior investor on securitization of consumer loans originated by Younited Credit in ItalyJones Day acted as reviewing counsel to BNP Paribas, as arranger and senior investor, in connection with the acquisition by M&G Specialty Finance (Luxembourg) No.1 S.à r.l., a Luxembourg investment vehicle managed by M&G Investment Management Limited, of consumer credit portfolios originated by Younited Credit S.A., Italian Branch, for a total maximum value of approximately €300 million.
    • View All

    March 2022 Commentary

    EBA Recommends Adjustments to Proposed EU Green Bond Standard to Develop Sustainable Securitisation Market in Europe

    APRIL 2021 Commentary

    European Parliament Passes New Rules for NPE Securitisations and Synthetic Securitisations

    March 2019 Jones Day Publications

    ESMA Opinion Details Technical Standards for Securitisation Disclosures

    April 2018 Commentary

    Uniform European Union Conflict of Laws Rule to Foster Cross-Border Transfer of Claims

    March 2018 Jones Day Publications

    The European Securitisation Regulation: The Countdown Continues

    February 2018 Jones Day Publications

    The European Securitisation Regulation: The Countdown has Begun....

    October 2017 Commentary

    Relaxation of the French Banking Monopoly—A Major Milestone Reached

    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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