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BPCE Home Loans FCT 2023: 29 October 2023

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 individual borrowers domiciled in France in relation to the acquisition, the renovation, the construction or the refinancing of a residential property, and complying with the Home Loan Eligibility Criteria.

On 31 July 2023, the provisional portfolio comprised 15,805 home loans advanced to 15,319 households, where the average outstanding principal balance is Eur79,143 and the largest is for Eur868,340. Lender (by no. of loans / % outstanding balance): Caisse D'Epargne 10,269 / 59.9%, Banque Populaire 5,536 / 40.1%. 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 54.51% (original LTV was 91.45%) and the WA seasoning is 72.5 months.

EU & UK Risk Retention: At the Issue Date, such material net economic interest shall be retained by each Seller, in accordance with option (d) of Article 6(3) of the EU Securitisation Regulation, through the subscription of the Class B Notes in relation to the proportion of the total securitised exposures for which it is the originator. As at the Issue Date, the requirements under Articles 5 and 6 of the UK Securitisation Regulation are aligned with the requirements under Articles 5 and 6 of the EU Securitisation Regulation.

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 US Risk Retention Rules, based on an exemption from such rules and as the issuance of the Notes was not designed to comply with the US Risk Retention Rules, as permitted by the exemption provided under Section 20 of the US Risk Retention Rules.

STS: The Transaction Agent intends to submit on or about the Issue Date a STS notification to ESMA in relation to the securitisation transaction in accordance with Article 27 of the EU Securitisation Regulation.

Compare/contrast: BPCE Home Loans FCT 2021 Green Up, Elide II FCC (Compartment 2022-01), FCT FE Durable 2023