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Hogan Lovells Advises BRED Banque Populaire in Connection With 1.2 Billion Euro Securitisation

12 July 2012

PARIS, 12 July 2012 - Hogan Lovells has advised BRED Banque Populaire in the context of its refinancing operations with the ECB and with the creation of a new Fonds Commun de Créances ELIDE - Compartment 2012-01, established for the issue of 1.2 billion euros worth of notes.

BRED Banque Populaire and France Titrisation have opened a new compartment entitled 2012-01 within the existing fonds commun de créances ELIDE to acquire residential loan backed receivables from BRED Banque Populaire. Nearly 1.2 billion euros worth of notes were issued by the compartment in June 2012.

The senior notes which are listed on Euronext Paris have received the highest ratings of AAA(sf) and AAAsf respectively from Standard & Poor's and FitchRatings and have been deemed eligible for European Central Bank refinancing transactions.

This transaction is the first of its kind to comply with the new ratings criteria published by Standard & Poor's and FitchRatings last May and to implement them in French and into French law under an FBF agreement.

Baptiste Gelpi, partner, assisted by Marouane El Idrissi, lawyers in the International Debt Capital Markets team of Hogan Lovells advised BRED Banque Populaire.

 
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