Crédit Agricole closes its first French home loan securitisation

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The FINANCIAL — Crédit Agricole has closed a retained securitisation of French home loans through FCT Crédit Agricole Habitat 2015. This transaction is the first true sale RMBS (Residential Mortgage-Backed Securities) in France for the Group.

The underlying asset portfolio consists of French home loans extended to individuals and either guaranteed or benefiting from a first mortgage lien on residential properties located in France, according to Crédit Agricole.

The transaction amounts to €10bn and has been fully subscribed by the originators, the 39 Crédit Agricole Regional Banks. It consists of  €8.6bn Class A senior home loan-backed notes and €1.4bn Class B junior home loan-backed notes. The Class A notes are expected to be rated AAA(sf) and Aaa(sf) by DBRS and Moody’s respectively. The securitisation has been arranged by Crédit Agricole SA and Crédit Agricole Corporate and Investment Bank.

Crédit Agricole is the market leader in home finance in France. Building on the successful completion by Group members of consumer loan securitisations, this new transaction highlights Crédit Agricole’s commitment and ability to develop new Group balance sheet management tools.


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