1 minute read | November.15.2024
Version Française : Orrick conseille BPCE et Natixis sur une nouvelle opération de titrisation « green »
Orrick has advised BPCE and Natixis as joint arrangers on Groupe BPCE's new public “green” securitisation of residential loans.
The transaction involved 27 regional banks of the Caisses d'Epargne et de Prévoyance and Banques Populaires network.
It led to the issuance of senior notes structured with a view to qualifying as “Secured Green Standard Bonds,” as defined by the ICMA Green Bond Principles, for an amount of €750 million.
The transaction is part of Groupe BPCE’s sustainable development funding program, reflecting a strong commitment to energy transition.
Each seller 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 homes (i.e. homes with a low carbon footprint).
This transaction marks the second green securitisation of Groupe BPCE, following the success of the first one in 2021.
Olivier Bernard, assisted by Laure Seror and Nicolas Nader, advised on the finance aspects of the transaction. Jessie Gaston and Maïten Le Brishoual advised on the tax aspects.