Orrick Paris Finance Team Advises My Money Bank, Société Générale, CACIB and BNPP on Implementation of SapphireOne Auto 2019-1


Orrick’s Paris team advised My Money Bank, Société Générale as arranger and Société Générale, Crédit Agricole Corporate and Investment Bank and BNP Paribas, as joint lead managers, on the implementation of SapphireOne Auto 2019-1 transaction, a securitization transaction for a total amount of nearly €400 million. The senior securities issued by the securitization vehicle are rated AAA by Fitch and Moody's and are also eligible to the Eurosystem monetary policy and intra-day credit operations. This is the first public securitization of French auto loans and leases to be designated as “STS” ("Simple, Transparent and Standardised").

We previously advised the arranger and joint lead managers on the implementation of SapphireOne Auto 2017-1 transaction, the first public securitization transaction of auto loans and leases of the My Money Bank group. With this second transaction, the group becomes a leading issuer on the French Auto ABS market. This second issue also consolidates the group's development in its strategic business of automotive financing in the French Overseas Departments (DOMs), in particular through its subsidiaries in La Réunion Island (SOREFI) and the French Antilles (SOMAFI-SOGUAFI).

Orrick's Paris team included partner Olivier Bernard and associate Laure Seror on the finance aspects and partner Anne-Sophie Kerfant and associate Rudy Marouani on the tax aspects. London-based partner Sushila Nayak was involved on English legal aspects related to swap documentation and New York-based partner Al Sawyers advised on US law aspects.