Orrick Advises on Groupe BPCE's First Public RMBS


A cross-practice team in Paris advised BPCE and Natixis, as joint arrangers, on the first public RMBS transaction of Groupe BPCE, France’s second-largest banking group. This transaction is based on a securitization mutual fund named BPCE Home Loans FCT 2018, which has acquired a portfolio of residential loans of nearly €1.125 billion, originated by Caisses d’Épargne et de Prévoyance and Banques Populaires.

The transaction resulted in the issuance of senior notes rated Aaa(sf) by Moody’s and AAA(sf) by S&P, placed with external investors, as well as non-rated junior notes.

The Orrick team was led by partner Olivier Bernard, and included associate Laure Seror and Philippe Chareyre on the finance side, as well as partner Anne-Sophie Kerfant and associate Rudy Marouani on the tax aspects.