BPCE Home Loans FCT 2024 Green UoP: 31 October 2024

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 2024, the provisional portfolio comprised 9,358 home loans advanced to 8,857 households, where the average outstanding principal balance is Eur171,014 and the largest is for Eur946,296. Lender (by no. of loans / % outstanding balance): Caisse D'Epargne 5,615 / 60.00%, Banque Populaire 3,743 / 40.00%. Green Loans – 20.43%. 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 68.71% (original LTV was 75.67%) and the WA seasoning is 15.1 months.

The transaction has been structured with a view to complying with Groupe BPCE’s formal sustainable bond framework and its methodological note dedicated to green bonds.

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, and 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 UoP