Skip to main content

Clifford Chance

News and awards

Find a Lawyer

Clifford Chance advises Carrefour Banque on its first credit card securitization transaction

22 January 2014

Clifford Chance advises Carrefour Banque on its first credit card securitization transaction

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 Frédérick Lacroix, Partner, Sophie Guilhem-Ducléon, Counsel, and  Fabien Jacquemard, Senior Associate, and on the consumer law aspects by Dessislava Savova, Partner, and Alexander Kennedy, Senior Associate.