Hogan Lovells advises BNP Paribas and BNP Paribas Lease Group on BNP Paribas Lease Group's inaugural public STS and CRR securitisation

Hogan Lovells advised BNP Paribas and BNP Paribas Lease Group on BNP Paribas Lease Group's inaugural public 'simple, transparent and standardised' (STS) securitisation of professional equipment lease receivables. The transaction also meets the CRR and LCR requirements of the Capital Markets Regulation (Regulation (EU) 2017/2401). The transaction, with a volume of EUR 500,000,000, securitised over 75,026 leasing agreements originated in France. The matter closed on 22 November 2021.

BNP Paribas Lease Group is a leading actor in the field of leasing and rental solutions for professional equipment. BNP Paribas Lease Group is an indirectly majority-owned subsidiary of BNP Paribas and a 100% subsidiary of BNP Paribas Leasing Solutions, a leading European provider of financing, leasing, rental and remarketing of professional equipment services either directly to the end-customers or through partnerships.

BNP Paribas acted as Arranger and Lead Manager.

This landmark transaction is the first ever public STS and CRR equipment leasing securitisation with a full capital structure placement and allows BNP Paribas Lease Group to achieve a broad diversification of resources in order to extend its offer of services to the benefit of its clients.

The class A/B/C/D/E/F/G notes, in an amount of EUR 500,000,000, were issued by the French securitisation fund (fonds commun de titrisation) "Pixel 2021" and were officially listed and admitted to trading on Euronext Paris. The class A/B/C/D/E/F notes are rated, respectively, AAAsf, AA+sf, A+sf, BBB+sf, BBB-sf and BB+sf by Fitch Ratings Ireland Limited and AAA(sf), AA-(sf), A-(sf), BBB-(sf), BB-(sf) and B-(sf) by S&P Global Ratings Europe Limited.

The class A notes have been recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem.

The Hogan Lovells team in charge of the transaction was led by Head of Financial Institutions Sector Industry Group Sharon Lewis and Debt Capital Markets counsel Laura Asbati, with key support from Debt Capital Markets senior associate Ailsa Davies, Debt Capital Markets associates Vicenzé Franzil, Giovanbattista Gianni and Julie Toux and paralegals Gabrielle Lawrence and Joanna Veitch. Partner Ludovic Geneston and Maryll Pizzetta handled the tax aspects and partner Dennis Dillon handled U.S. law aspects.


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