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BPCE Home Loans 2020: 02 November 2020

The purpose of the Issuer is to issue debt securities and to purchase home loan receivables from, notably, each of (i) any Banque Populaire and (ii) any Caisse d’Epargne. On the Purchase Date, the Issuer will purchase from the Sellers a portfolio of home loan receivables arising from home loan agreements entered into with certain borrowers in relation to the acquisition, the renovation, the construction or the refinancing of a residential property.

On 31 July 2020, the provisional portfolio comprised 12,240 home loans advanced to 11,444 households, where the average outstanding principal balance is Eur101,994 and the largest is for Eur946,870. Lender (by no. of loans / % outstanding balance): Caisse D'Epargne 8,412 / 61.20%, Banque Populaire 3,828 / 38.80%. All loans have been advanced to owner-occupiers on an amortising basis, and all were advanced at fixed rates of interest. There are no self-certified loans in the portfolio. The WA current indexed LTV is 68.97% (original LTV was 91.58%) and the WA seasoning is 46.3 months.

EU Risk Retention: Each Seller has undertaken that, during the life of the Class A Notes, it shall comply with Article 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 and therefore retain on an ongoing basis a material net economic interest in the transaction which, in any event, shall not be less than 5%. At the Issue Date, such material net economic interest shall be retained by each Seller through the subscription of the Class B Notes in relation to the proportion of the total securitised exposures for which it is the originator.

US Risk Retention: The Sellers do not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules based on an exemption from such rules and as the issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules, as permitted by the exemption provided under Section 20 of the U.S. Risk Retention Rules.

Compare/contrast: BPCE Home Loans 2018-2, Harmony French Home Loans FCT 2020-1