Hogan Lovells Advises Amundi on Two €10,000,000,000 Asset Backed Note Programmes With a Single Issuer
09 March 2012
Paris, 9 March 2012 - Hogan Lovells (Paris) LLP advised Amundi, the asset management arm jointly created by Crédit Agricole and Société Générale, on the establishment of a €10 billion English law programme and a €10 billion French law programme for secured structured products through a single Luxembourg securitisation vehicle.
Since the collapse of Lehman Brothers, investors in the capital markets have been wary of repackagings and other structured products as a result of the perceived risk of a default of the swap counterparty and/or banking institution which has arranged the transaction. The two programmes developed by Amundi are part of an innovative way of mitigating this risk to investors.
This deal was notable for creating two structured note programmes under different governing laws with the same Luxembourg issuer. Under each programme, the issuer may from time to time issue notes linked to a range of underlying references which may be listed and subsequently passported to other EEA countries.
In addition, we have advised Amundi on its first takedown under the French law programme, the notes of which were guaranteed by Crédit Lyonnais (LCL).
The English law programme was led by global head of Hogan Lovells International Debt Capital Markets practice area Sharon Lewis, assisted by Reza Mulligan (Counsel) and Sarah Oliver (Associate), and the French law programme was led by Philip Boys, head of International Debt Capital Markets in Paris, assisted by Baptiste Gelpi (Partner), Veronique Veltz (Associate) and Audrey Minnie, with tax advice being coordinated by Xenia Legendre (Partner) and Bruno Knadjian (Senior Associate). Our dedicated Trustee practice in London led by Kit Johnson (Partner) assisted by Jill Barraclough (Associate) advised The Law Debenture Trust Corporation plc acting as trustee under the English law programme. Laurent Lazard (Partner) and Martin Michard (Senior Associate) of Bonn Steichen & Partners advised Amundi as to Luxembourg law in relation to both the English law programme and the French law programme.
Speaking on behalf of Hogan Lovells, Sharon Lewis said:
"We are delighted to have advised Amundi on this innovative transaction providing dual law advice involving our English law and French law structured finance teams in Paris with programme documentation closely aligned as to each other but for their governing laws and respective language."