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 2024
Client(s) Natixis, BofA Securities Europe S.A., and ING Bank N.V.
Jones 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". The €750 million Class A Notes rated AAA (sf) (DBRS)/ AAAsf (Fitch) issued on May 29, 2024 are 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 verify the compliance of the securitization transaction with the STS criteria, and to provide for CRR and LCR assessments.
