EMEA

摘要

Credit foncier de prance has awarded the mandate for its second French RMBS, cfhl-2 2015. The issuer acts as lead arranger itself, with HSBC and Natixis as joint arrangers. These two banks are joint lead managers with Morgan Stanley, UBS and UniCredit. The issuer is yet to announce a capital structure, but the issuer had said last year after its first deal that it would look to return to the securitisation market with deals of €1bn-€2bn, subject to conditions, to cut its risk assets. Its previous €908m CFHL-1 2014 was the first French RMBS since 1995 and the first French deal to achieve full deconsolidation. Credit Foncier de France achieved this by selling all the way down the capital structure and stripping out the standard date-based call option. Instead, it used a remarketable Class A2-A tranche, which is remarketed after five years. If not sold, the maturity extends by another five years and the coupon doubles.