Clifford Chance

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.