Practice Areas - Debt Capital Markets Law Firms and Lawyers
| Deal Date: | 22-01-2014 | Practice Area: | Debt Capital Markets |
| Deal Title: | Carrefour Banque Credit Card Receivables Securitisation | Industry: | Banks |
| Description: |
Natixis, as arranger, has set up a securitization transaction for revolving credit tapped via PASS credit cards issued by Carrefour Banque. The receivables are transferred to a debt securitization fund with sub-funds the refinancing of which is initially undertaken via the issue of a series of priority bonds admitted to trading on Euronext Paris totalling 400 million Euros, along with subordinated bonds and transferee bonds taken out by Carrefour Banque.
The "Master Trust"-type transaction also allowed new series to be issued with a view to refinancing the priority bonds previously issued in order to increase the financing granted to Carrefour Banque.
The transaction is the first Carrefour Banque credit-card securitization transaction and the first transaction of this kind in France since 2009.
This public transaction illustrates the re-opening and dynamism of the securitization market.
Carrefour Banque was advised on the financing aspects by Frederick Lacroix, Partner, Sophie Guilhem-Ducleon, Counsel, and Fabien Jacquemard, Senior Associate, and on the consumer law aspects by Dessislava Savova, Partner, and Alexander Kennedy, Senior Associate.
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| Financial Center: | Paris | Value: | 500.01-1000.00 |
| Advised Party: | Arranger | Law Firm | Clifford Chance |
| Assets Jurisdiction | France | Issuer Jurisdiction | France |
| Classification: |
Securitisation and Structured Finance Credit Cards |
Lawyer | Frederick Lacroix |
