Legal DealFolio - Credit Foncier - FCT CFHL-1 2014 RMBS Issuance

Clifford Chance, as drafting counsel, advised Credit Foncier, as Lead Arranger, on the issuance of French residential mortgage-backed securities (RMBS) issued by FCT CFHL-1 2014, for an amount just below EUR1bn. Significant features of this Transaction include that: It was the first French securitisation of this asset class (RMBS) to achieve full-deconsolidation; It re-launches the "real" French RMBS market; according to Credit Foncier, it is the first RMBS transaction to be fully placed with investors since 1995; and It included the innovative feature of "re-marketable securities": this permits the re-fixing of the coupon on the Class A2 note series every five years notwithstanding the long maturity of the underlying home loans. This transaction securitises a portfolio of 8,900 loans amounting EUR922m, which is a portfolio of loan receivables originated and managed by Credit Foncier. The underlying loans are loans made to French residents in order to finance the acquisition of residential real estate properties. The EUR804m senior notes rated AAA/Aaa (Fitch IBCA/Moody's) issued by FCT CFHL-1 2014 were listed on the regulated market of the European Luxembourg Stock Exchange. Investors subscribed more than three times the amount of the notes issued by FCT CFHL-1 2014, making this securitisation a successful transaction. Clifford Chance was drafting counsel to this transaction as legal adviser to Credit Foncier in its capacity as Lead Arranger. The team was composed of Jonathan Lewis (partner), Vincent Hatton (counsel), Sophie Guilhem-Ducleon (counsel), Vincent Danton, Vincent Poilleux, Gabriel Mauger, Alice Latour, Foucauld Prache, Sam Rollison, and Basma Seif. Frederick Lacroix (partner), Sebastien Praicheux (counsel), and Helene Kouyate advised on regulatory aspects. Eric Davoudet (partner) and Jitka Susankova (counsel) advised on tax.

Deal Date:	05-06-2014	Practice Area:	Debt Capital Markets
Deal Title:	Credit Foncier - FCT CFHL-1 2014 RMBS Issuance	Industry:	Banks
Description:	Clifford Chance, as drafting counsel, advised Credit Foncier, as Lead Arranger, on the issuance of French residential mortgage-backed securities (RMBS) issued by FCT CFHL-1 2014, for an amount just below EUR1bn. Significant features of this Transaction include that: It was the first French securitisation of this asset class (RMBS) to achieve full-deconsolidation; It re-launches the "real" French RMBS market; according to Credit Foncier, it is the first RMBS transaction to be fully placed with investors since 1995; and It included the innovative feature of "re-marketable securities": this permits the re-fixing of the coupon on the Class A2 note series every five years notwithstanding the long maturity of the underlying home loans. This transaction securitises a portfolio of 8,900 loans amounting EUR922m, which is a portfolio of loan receivables originated and managed by Credit Foncier. The underlying loans are loans made to French residents in order to finance the acquisition of residential real estate properties. The EUR804m senior notes rated AAA/Aaa (Fitch IBCA/Moody's) issued by FCT CFHL-1 2014 were listed on the regulated market of the European Luxembourg Stock Exchange. Investors subscribed more than three times the amount of the notes issued by FCT CFHL-1 2014, making this securitisation a successful transaction. Clifford Chance was drafting counsel to this transaction as legal adviser to Credit Foncier in its capacity as Lead Arranger. The team was composed of Jonathan Lewis (partner), Vincent Hatton (counsel), Sophie Guilhem-Ducleon (counsel), Vincent Danton, Vincent Poilleux, Gabriel Mauger, Alice Latour, Foucauld Prache, Sam Rollison, and Basma Seif. Frederick Lacroix (partner), Sebastien Praicheux (counsel), and Helene Kouyate advised on regulatory aspects. Eric Davoudet (partner) and Jitka Susankova (counsel) advised on tax.
Financial Center:	Paris	Value:	1000.01-5000.00
Advised Party:	Arranger	Law Firm	Clifford Chance
Assets Jurisdiction	France	Issuer Jurisdiction	France
Classification:	Securitisation and Structured Finance RMBS	Lawyer	Jonathan Lewis

Practice Areas -

Debt Capital Markets Law Firms and Lawyers

Practice Areas - Debt Capital Markets Law Firms and Lawyers