Ashurst Advises on BPCE’s €781m Securitisation

Ashurst has advised Natixis and BPCE as arrangers, and BPCE Financement as seller, in a public “STS” (simple, transparent and standardised) securitisation of consumer receivables arising from revolving credit contracts originated by BPCE Financement and distributed by the Banques Populaires and the Caisses d’Epargne in France.

This transaction, which closed on 27 February 2023, enabled the securitisation fund (fonds commun de titrisation) “Purple Master Credit Cards” to issue EUR 550 million of senior Class A Notes and EUR 231 million of subordinated Class C Notes and Class S Notes.

The Class A Notes are rated AAA(sf) by DBRS and Aaa(sf) by Moody’s, and are listed on the regulated market of Euronext Paris. The Class C Notes and Class S Notes are neither rated nor listed and were subscribed by BPCE Financement.

Ashurst’s Global Markets team consisted of Agathe Motte, Partner, Aurélien Fournier, Counsel, and Lucien Jarry, Associate, on the structured finance aspects and Annabel Massey, Senior Associate, on the derivatives aspects.

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