September.13.2019
Following the implementation in October 2018 of the BPCE Home Loans FCT 2018 transaction, which is the first non-retained RMBS of the BPCE group (i.e., whose senior securities were subscribed by external investors), Orrick’s Paris team advised BPCE and Natixis on the restructuring of this transaction in order to comply with the "STS" label ("Simple, Transparent and Standardised") by using the so-called “grandfathering clause” of the EU securitization regulation. BPCE Home Loans FCT 2018 is now the first non-retained public residential real estate loan securitization transaction to be designated "STS" in France.
The Orrick team included partner Olivier Bernard and associate Laure Seror.