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FCT Bpifrance SME 2019-1: 30 October 2019

The purpose of the Fund is (a) to be exposed to risks by acquiring from time to time from Bpifrance Financement a portfolio of fixed or floating rate SME loans granted to small and medium private companies incorporated in metropolitan France, together with their respective ancillary rights and (b) to fund such risks by issuing notes (titres de créances) and units.

At the cut-off date the portfolio consists of 4,243 SME loans, which have been advanced to 2,180 borrower groups. The average SME loan outstanding balance is Eur471,661 and the largest is for Eur7.614mln. Obligor concentration (by borrower group): Top 1 – 0.39%, top 10 – 3.72%, top 20 – 7.08%. Payment Profile: French – 94.73%, linear – 5.27%. Interest rate type: floating – 97.5%, fixed – 2.5%. Regional distribution: Île de France – 19.18%, Rhône-Alpes – 14.31%, Provence-Alpes-Côte d’Azur – 10.53%.

EU Risk Retention: The Seller has undertaken, until the redemption in full of all Notes, to comply with Article 6 of the Regulation (EU) No. 2017/2402 of the European Parliament and the Council of 12 December 2017, by retaining on an ongoing basis a material net economic interest which, in any event, shall not be less than 5% of the nominal value of the securitised exposure. As at the Issue Date, such interest will take the form of the holding by the Seller of the Class B Notes and the Residual Units, as required by paragraph (d) of Article 6(3) of the Securitisation Regulation.

Compare/contrast: Weser Funding S.A. Compartment No. 1