Hogan Lovells advises Société Générale and Boursorama on Boursorama’s inaugural French public RMBS securitisation

Press releases | 25 November 2022

Hogan Lovells advised Société Générale and Boursorama, France’s leading online bank, on Boursorama’s inaugural public residential mortgage-backed securitisation (RMBS) structured as an issuance programme. This EUR 10,000,000,000 asset backed debt issuance programme will allow Boursorama to strengthen its collateral management and to diversify its financing. For its first issuance, with a volume of EUR 2,700,000,000, it securitised over 4,200 home loans contracts originated in France. The matter closed on 24 November 2022.

Boursorama, a subsidiary of Société Générale, is the French leader in online banking through its activities in banking, brokerage, savings, mortgages, insurances and non-banking products. With 1 million new clients acquired since January, Boursorama currently has over 4.3 million customers.

Société Générale acted as the Arranger.

The EUR 2,565,000,000 class A notes were issued by the securitisation fund (fonds commun de titrisation) "Boursorama Master Home Loans France" and were officially listed and admitted to trading on the regulated market of the Paris Stock Exchange. The class A notes are rated AA(sf) by DBRS and Aa1(sf) by Moody's. Boursorama Master Home Loans France also issued EUR 135,000,000 class B notes.

It is intended that the class A notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem.

The Hogan Lovells team acted as transaction counsel and was led by Laura Asbati (partner) and Sharon Lewis (partner, Head of Financial Institutions Sector Industry Group), with key support from Julie Toux (associate), Vicenzé Franzil (associate) and Youri de Pas (paralegal); Ludovic Geneston (partner) and Maryll Pizzetta (associate) handled tax aspects; Dennis Dillon (partner, London) handled aspects of U.S. law.