Ashurst advised Natixis and Crédit Agricole CIB as arrangers in a public "STS" (simple, transparent and standardised) securitisation of revolving credit receivables associated with PASS cards distributed by Carrefour Banque. Carrefour Banque is the banking subsidiary of the Carrefour group, specialised in consumer credit.
This transaction, which closed on 27 June 2022, enabled the compartment "Master Credit Cards Pass France" of the securitisation fund (fonds commun de titrisation) "Master Credit Cards Pass" to issue EUR 383.5 million of Class A Notes and Class B Notes. EUR 92.9 million of Class S Notes (subordinated) were also issued.
The Class A Notes are rated AAA(sf) by S&P Global Ratings Europe Limited and DBRS Ratings GmBH, and are listed on the regulated market of Euronext Paris. The unrated Class B Notes and Class S Notes are not listed and were subscribed by Carrefour Banque.
This is an important transaction for Carrefour Banque, as it enabled it, in a turbulent market environment, to refinance more than 300,000 credit contracts concluded in France with consumers in France.
Ashurst also advised Natixis, Crédit Agricole CIB and Société Générale as hedging banks on this transaction.
Ashurst's Global Markets team consisted of Agathe Motte, Partner, Aurélien Fournier, Counsel, and Lucien Jarry, Associate, on the structured finance aspects and senior associate Annabel Massey, Senior Associate, on the derivatives aspects.
