Orrick Advises Groupe BPCE on First “Green” Public Securitization

Version Française : Orrick sur la première opération publique de titrisation « green » du Groupe BPCE

Orrick advised BPCE and Natixis as joint arrangers on Groupe BPCE's first public “green” securitisation of residential loans. This transaction which amounted to approximately €1.5 billion and involved the entire Caisses d'Epargne et de Prévoyance and Banques Populaires network, is in line with Groupe BPCE's strategic plan for 2024, which gave priority to energy transition. For the first time, each of the sellers of the securitisation intends to allocate the entire purchase price of the transferred home loans to finance or refinance new loans for the construction or acquisition of energy efficient buildings (i.e. with a low carbon footprint). This securitisation is the first transaction of such an amount – €1.5 billion – to have been carried out in this format by a French issuer.

Orrick was in charge of the drafting of the documentation. The Orrick team included Olivier Bernard (partner), assisted by Laure Seror (of counsel) and Sophie Weiss (associate) on the finance aspects, and Anne-Sophie Kerfant (partner) and Rudy Marouani (associate) on the tax aspects.