BPCE completes structured covered bonds backed by leases

Client(s) BPCE SA

Jones 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”. The structure replicates a typical French covered bonds structure with double recourse over Caisse d'Épargne et de Prévoyance de Midi Pyrénées, as borrower, and a cover pool composed of French lease receivables resulting from lease agreements over equipment, boat and auto entered into with French corporates and consumers transferred by Capitole Finance, as collateral provider. The first series of Notes (2024-1 Notes) was issued on 18 December 2024 for an aggregate amount of €343 million was privately placed and is rated Aa1 by Moody's.