A leading name in the financial field, A&O Shearman has solid derivatives expertise through Hervé Ekué; he assists financial institutions with various regulatory issues as well as with the establishment of new market architecture around central clearinghouses. Securitisation is another area of strength and Fabrice Faure-Dauphin and counsel Caroline Marion are the key names in this area; they assist banks, financial institutions and issuers on auto ABS and trade receivables transactions.
Derivatives and structured finance in France
A&O Shearman
Responsables de la pratique:
Hervé Ekué; Fabrice Faure-Dauphin
Autres avocats clés:
Caroline Marion
Les références
‘Strong expertise in securitisation and ability to bring together expertise on all relevant subjects. A solution-oriented team’.
‘Fabrice Faure Dauphin: imaginative and constructive solutions with strong involvement in transactions’.
‘Very good knowledge of market practice in terms of covered bond issue structures. Very stable team which delivers on time’.
Principaux clients
Amundi
Crédit Agricole CIB
Crédit Mutuel
Natixis
RCI Banque (Mobilize)
Société Générale
BNP Paribas
Credipar (Stellantis Sinance)
Principaux dossiers
- Advised Société Genérale on a synthetic SRT securitisation transaction for a SME and large cap loan portfolio of a nominal amount of EUR 2,400,000,000 through a financial guarantee and FCT structure.
- Advised TEMsys (ALD Automotive) on its second public securitisation of auto lease receivables to FCT Red & Black Auto Lease France 2.
- Advised the sponsors in connection with the financing of the A69 motorway.
Jones Day
Jones Day fields a comprehensive derivatives and structured finance practice that serves leading French banks as well as international credit institutions and some companies. In the derivatives field, Alban Caillemer du Ferrage and Qian Hu are sought out to provide strategic regulatory guidance and assistance with complex debt and corporate restructuring and transactions. In the securitisation and structured finance area, Christine Van Gallebaert often advises arrangers and some issuers on mid to large size securisation transactions, spanning a whole range of products including auto lease, project, consumer, mortgage and SME loans. The Paris team also benefits from a strong pan-European platform.
Responsables de la pratique:
Alban Caillemer du Ferrage; Qian Hu; Christine Van Gallebaert
Principaux clients
BNP Paribas
Bank of China
Crédit Immobilier de France Développement
Natixis
BPCE S.A.
Crédit Agricole S.A.
Arval Service Lease
AXA Home Loan SFH
October S.A.
Silvr
Citi
General Mills
Hermès
Orrick
Orrick houses a top team for securisation work and is a popular choice for French banks for large and sophisticated transactions. The team notably assists with the setup, restructuring and extension of large securitisation programmes and FCT funds, as well as on the structuring of large public and synthetic securitisation transactions, spanning various assets including auto, trade receivables and LBO loans. The team is headed by the highly regarded Hervé Touraine and also includes Olivier Bernard, who is also an expert in this area. Of counsels Judith Rousvoal and Laure Seror provide additional support.
Responsables de la pratique:
Hervé Touraine
Autres avocats clés:
Olivier Bernard; Judith Rousvoal; Laure Seror
Les références
‘Innovation. Long experience.’
‘The team is well staffed and shows a lot of flexibility and adaptability.’
‘Oliver Bernard combines excellent transactional skills and remarkable regulatory mastery, and knows how to demonstrate flexibility in handling files without compromising on the protection of his clients’ interests.’
‘This team benefits from a high level of expertise and experience in securitization of several types of assets.’
‘Ability to listen to innovative arrangements and implement solutions. ’
‘Olivier Bernard has good listening skills and the ability to propose adapted solutions.’
‘Recognition in the field. Proven competence.’
‘Olivier Bernard stands out for his experience, his calm approach and his ability to resolve complex situations.’
Principaux clients
Axa Banque
BNP Paribas
BPCE
Crédit Agricole Consumer Finance
Crédit Agricole Corporate and Investment Bank
La Banque Postale
Morgan Stanley
Natixis
Natixis Investment Managers International
Société Générale
Virtuo
Fraikin
Principaux dossiers
- Advising BPCE on the restructuring, extension and increase of the RMBS programme of Groupe BPCE, France’s second-largest banking group.
- Advised BNP Paribas and BNL in respect of a €1.4 billion synthetic securitisation deal for which the European Investment Fund (EIF) has issued a guarantee, guaranteed in turn by the European Investment Bank (EIB).
- Advising BNP Paribas on the restructuring and extension of a securitisation of a portfolio of SME loan receivables in France originated by BNP Paribas and worth circa €2 billion.
Ashurst LLP
Ashurst LLP has rebuilt a strong offering in the derivatives and structured finance fields. The highly experienced Hubert Blanc-Jouvan leads on derivatives matters, advising many leading international banks on their derivatives projects and regulatory requirements. The arrival of Agathe Motte in early 2022 has considerably enhanced the firm’s French securitisation capabilities. She runs a very busy practice, assisting leading French banks, corporations and fintech companies, and handles a high-level of cross-border work, notably French-German work. The team recently advised on the securitisation of purely digital receivables. Key support is provided by counsel Aurélien Fournier and senior associate Annabel Massey Bratby.
Responsables de la pratique:
Agathe Motte; Hubert Blanc-Jouvan
Autres avocats clés:
Aurélien Fournier; Annabel Massey Bratby.
Les références
‘A cutting-edge team that is always available. A pro-business approach that takes into consideration market imperatives while legally securing operations A true tailor-made service.’
‘Agathe Motte: availability, efficiency, legal knowledge and a problem solver.’
‘Aurélien Fournier: speed, technical expertise and understanding of subjects.’
Principaux clients
Natixis
Crédit Agricole Corporate & Investment Bank
BNP Paribas
Eiffel Investment Group
ALMA S.A.S.
Bank of America
Barclays
Credit Suisse
Goldman Sachs
TP ICAP
J.P. Morgan
Citigroup
Principaux dossiers
- Advised Defacto, a French Fintech specialised in providing seamless and instant loan to SMEs by API in Europe, on the structure of its first securitisation vehicle, in order to refinance its loan receivables, financed by Citi, as senior lender and Viola Credit as Mezzaner.
- Advised BNP Paribas S.A., acting as arranger and lead manager, on the Autonoria DE 2022, under which a portfolio of German law governed auto loans receivables originated by Consors Finanz are transferred to a new French Fonds Commun de Titrisation.
- Advising numerous international banks on updates to both the various English law and French law aspects of their debt issuance programmes.
CMS Francis Lefebvre
CMS Francis Lefebvre runs a busy structured finance and securitisation practice. The team advises arrangers, credit institutions and funds on the structuring of various assets (trade, financing, exotics) and covered bonds and also handles cross-border work; Grégory Benteux and Alexandre Bordenave are key names in this area. The team is also active on the derivatives front through Marc-Etienne Sébire and counsel Pauline Larroque; they assist corporations and financial institutions with various matters including innovative green derivatives in the electricity space.
Responsables de la pratique:
Grégory Benteux; Marc-Etienne Sébire
Autres avocats clés:
Alexandre Bordenave; Pauline Larroque
Les références
‘Pauline Larroque is an excellent professional in the field of structured financing.’
Principaux clients
Sienna AM France
Crédit Agricole Leasing & Factoring, La Banque Postale Leasing & Factoring
Credit Agricole SA, Credit Agricole CIB
MMB SCF, My Money Bank CCF SFH
Crédit Agricole Home Loan SFH,
SFIL
CAFFIL SCF
BPCE SFH
Crédit Mutuel Home Loan SFH
La Banque Postale Home Loan SFH
Sofac Structured Finance
BNP Paribas
Bpifrance financement
Société Générale / Crédit Mutuel
Principaux dossiers
- Advising Credit Agricole SA on the setting up of a new covered bonds issuer and a €83 billion covered bonds programme and the issuance of 26 series of covered bonds for a cumulative amount of more than €40 billion.
- Advising on the extension of an existing securitisation programme arranged by Société Générale for the Crédit Mutuel entities.
- Advising BNPP on the implementation of a securitisation of buy-now-pay-later receivables.
Gide Loyrette Nouel A.A.R.P.I.
Gide Loyrette Nouel A.A.R.P.I.'s team is able to draw on the strength of practitioners in its London office for derivatives and structured finance expertise. The Paris practice assists French and international financial institutions and corporations with their transactional, regulatory, clearing and derivatives needs through Laurent Vincent, who is also a DCM specialist. The group recently advised on innovative sustainability-linked derivative products. Counsel Clément Vandevooghel also demonstrates high-level structured finance and securisation expertise, providing legal opinions and advising on complex transactions.
Les références
‘A team that is available, creative and pragmatic’.
‘Clément Vandevooghel is reliable, available and always constructive’.
‘It is a very strong team, both in technical and experience terms. They are particularly strong in the areas of securitisation and other forms of receivables based financings, as well as in acquisition finance.’
Principaux clients
Spartoo
Evolucare
CNP Assurances
EDFI Management Company
Rabobank London
Axa Group
Deutsche Bank
BNP Paribas
Société Générale
HSBC
Crédit Logement
Crédit Agricole CIB
Air France KLM
Barclays Bank PLC
Principaux dossiers
- Assisted legal counsel in Spain with the establishment, drafting, and negotiation of all derivative and associated collateral documentation with respect to seven different classes of notes in connection with a Spanish auto-loan securitisation structure renewed every year.
- Advised Europcar Mobility Group on the setting-up and structure of the securitisation programme of Europcar Group UK.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP has strong securitisation expertise advising a wide spectrum of key players in the field including top French banks, originators and investors. The team, which leverages the firm’s international network to handle cross-border matters, advises on an array of trade receivable products and transactions and also assists with factoring. Vincent Hatton is an expert in the field; he is supported by senior associate Philippe Desvignes. DCM expert Louis de Longeaux provides guidance to leading corporations on derivatives.
Responsables de la pratique:
Vincent Hatton; Louis de Longeaux
Autres avocats clés:
Philippe Desvignes
Les références
‘Very good market knowledge’
‘Vincent Hatton is available and knows his contacts very well. Philippe Desvignes is full of suggestions and finds the keys to unblocking certain situations.’
Hogan Lovells (Paris) LLP
Hogan Lovells (Paris) LLP offers a comprehensive coverage of structured finance products that is particularly popular with leading French, UK and US banks as well as other financial institutions. Large corporations are also clients. The Paris team can also rely on the firm’s global reach, notably for pan-European work. The practice is particularly strong in the trade receivables and securitisation areas through the highly experienced Sharon Lewis, Laura Asbati and counsel Reza Mulligan. The team handles large transactions, including in the field of auto-loans, and recently handled innovative work in the fintech and energy sectors. Through Katia Merlini, the team also assists large financial institutions with derivatives work.
Responsables de la pratique:
Sharon Lewis; Katia Merlini; Laura Asbati; Vincent Fidelle
Les références
‘The team is great to work with. They are very knowledgeable in trade receivables securitizations and are able to represent both clients and funding sources well. They truly try to resolve issues in a practical manner. They also have a big global reach and are very efficient from a timing perspective’
‘Laura Asbati is our a go-to partner for trade receivables securitizations in Europe. She is very knowledgeable and fair, and in general very good to work with.’
‘A global network able to support multiple jurisdictions and a very client-focused approach that helps navigate the complexities effectively and efficiently.’
Principaux clients
Citibank
Crédit Agricole Corporate and Investment Bank
Edmond de Rothschild France
Société Générale
Boursorama
Principaux dossiers
- Advised Crédit Agricole and Investment Bank in relation to the derivative-linked provisions of their structured debt issuance programme.
- Advised Edmond de Rothschild (France) in relation to the derivative-linked provisions of their structured debt issuance programme governed by English law.
- Advised Société Générale and Boursorama on Boursorama’s inaugural public residential mortgage-backed securitisation (RMBS) structured as an issuance programme.
Latham & Watkins
Latham & Watkins has extensive expertise advising asset managers, insurance companies and other financial institutions on complex structured finance and derivatives. The practice notably assists with complex regulatory challenges and transactions, including the purchase of non-performing loan portfolios from French banks, as well as French bank capital relief transactions alongside investor funds or insurers selling credit protection. Thomas Vogel and Suzana Sava-Montanari head the practice. They are supported by associate Jaime Hall.
Responsables de la pratique:
Thomas Vogel
Autres avocats clés:
Suzana Sava-Montanari; Jaime Hall
Principaux clients
Natixis
BNP Paribas CIB
BofA Securities Europe SA
HSBC Plc
TotalEnergies SE
Lagardère SA
AXA SA
AXA Investment Managers
Club Méditerranée
SCOR
Schoeller Allibert Services B.V.
Dilmon LLC
Al Mirqab Holdings LLC
Emirates Telecom. Group Company (Etisalat Group) PJSC
The McCourt Company
Interactive Brokers Group
Newmarket Investment Holdings, LP
Christofferson Robb
Magnetar Capital
D. E. Shaw & Co., L.P.
Sculptor Capital Management
Canopius Managing Agents Limited
Polus Capital Ltd
MakerDAO
Schroders Capital
CPPIB
Principaux dossiers
- Advised AXA SA in connection with a flagship repurchase of own shares in an amount of EUR 1bn to neutralise earnings dilution from disposals.
- Advised MakerDOA (the issuer of the DAI stablecoin) in connection with the documentation of a structured margin facility (under French law) over a covered bond issued by Société Générale in token format.
Linklaters
Linklaters has considerable securitisation expertise that spans a comprehensive range of products: auto and other consumer loans, ABS and trade receivables as well as acquisitions and related financing of non-performing loan portfolios. The Paris team also works in close combination with colleagues from the firm’s international offices to handle cross-border transactions, assisting both originators and investment banks. Practice head Patrice Doat is highly regarded and is support by counsel Guillaume Malaty. Of note, derivatives expert counsel Vincent Poilleux left in May 2023.
Responsables de la pratique:
Patrice Doat
Autres avocats clés:
Guillaume Malaty
Principaux clients
Arrago
BNP Paribas
Société Générale
Société Générale CIB
ABN AMRO Bank N.V.
Crédit Agricole CIB
Crédit Agricole S.A.
Principaux dossiers
- Advised Arrago, a French Fintech start-up, as sponsor and originator, on the design of their reverse mortgages (prêts viagers hypothécaires) origination process and the setting-up of their first refinancing vehicle.
- Advised BNP Paribas (BNPP) as arranger and senior lender in the structuring of the first car fleet securitisation of Virtuo in France, Spain and Germany.
Addleshaw Goddard
Addleshaw Goddard has strong derivative expertise through practice head Julien Bacus, who has strong credentials in this field and advises major French and international banks. The practice is able to advise clients on derivative transactions linked to various matters including EMIR, clearing houses, repo, and collateral management documentation. The team also includes Charles Tissier.
Responsables de la pratique:
Julien Bacus
Autres avocats clés:
Charles Tissier
Les références
‘The team led by Julien Bacus is one of the few firms in Paris with a practice dedicated to derivatives transactions. They are excellent, business driven, very pragmatic to find solutions and help to close complex transactions.’
‘Julien Bacus is a real star, more than 20 years working on derivatives, being able to advise on every sort of derivative transactions and their regulatory environment.’
Principaux clients
European Federation of Energy Traders (EFET)
Engie Global Markets
MUFG Bank
UBS Bank AG
Credit Suisse
Portakabin/Shepherd Building Group Limited
Faurecia
Transport Stockage Energie
HSBC
Nomura
Barclays
Groupe Duval SAS
Bank of America NA
Principaux dossiers
- Advising the EFET (European Federation of Energy Traders) on the enforceability of contractual standards governing derivative transactions in electricity and gas
- Advising MUFG Bank on the negotiation of FBF ISDA and collateral documentation.
- Advising UBS Bank AG on the negotiation of the EMIR initial margin with French counterparties and on the negotiation of their initial (IM) and variable (VM) margins.
Mayer Brown
Mayer Brown has solid securitisation expertise, often assisting issuers while also handling work for credit institutions. The Paris team regularly combines forces with US and London-based colleagues to advise on pan-European and international transactions. Its practice covers various assets, including auto-loans, trade receivables, supply chain and art loans, advising on the trading, restructuring and issuing of products and on the setting up of programmes. The team is headed by François-Régis Gonon, with senior counsel Véronique Collin another key name.
Responsables de la pratique:
François-Régis Gonon
Autres avocats clés:
Véronique Collin
Les références
‘Good knowledge of the world of financing and very good responsiveness.’
Principaux clients
DIAC SA
JP Morgan
Mitsubishi UFJ Financial Group
RCI Banque SA
Principaux dossiers
- Advised RCI Banque on a €719 million securitisation backed by German auto loans originated by its German branch.
- Advised MUFG as arranger and invoice purchaser on the structuring of several pan-European supply chain financing programmes with several global industrial or commercial groups
- Advised J.P. Morgan as arranger on the structuring and restructuring of 5 asset-based lending facilities to the French affiliates of various industrial groups.
Reed Smith
Reed Smith's structured finance, DCM and derivatives team handles a comprehensive range of work spanning transactional and regulatory issues on behalf of banks, issuers and investors. The team has recently advised international and financial industry sector clients on derivatives issues linked to the energy and commodities sectors. It also has a solid and diverse securitisation practice covering various assets including classic standard work such as RMBS as well as more innovative transactions. The team is headed by Baptiste Gelpi. Former counsel Florent Rigaud left in 2023.
Responsables de la pratique:
Baptiste Gelpi
Les références
‘Baptiste Gelpi is also very invested and his knowledge of the market, particularly in terms of securitization, is invaluable. It helps move files forward and saves us time.’
White & Case LLP
White & Case LLP has a large offering in the finance field, which in addition to its prominent DCM and banking expertise also includes some derivatives and securitisation expertise. The firm often assists leading banks and recently advised on a jumbo securitisation of home loans. Grégoire Karila and counsel Emmanuel Lebaube are the key contacts.
Responsables de la pratique:
Séverin Robillard
Les références
‘Availability, expertise, clarity of answers, creativity.’
‘Charles Linel, expertise in the subjects, available.’
Principaux clients
Barclays
Belfius Bank
BofA Merrill Lynch
BPCE
BNP Paribas
BNP Paribas Personal Finance
Citigroup, Crédit Agricole SA
Crédit Agricole CIB
PSA Banque Finance/Credipar
Credit Mutuel Arkea
Credit Suisse, Deutsche Bank
Goldman Sachs
HSBC
J.P. Morgan LCL
Natixis
Société Générale
UBS
Air France-KLM
Air Liquide
Atos
ENGIE
Faurecia
LVMH
Michelin
Peugeot
Plastic Omnium
Rubis
SMCP
Sanofi
Stellantis
Sodexo
SPIE
SUEZ
Tereos
Verallia
Vinci
Worldline
Principaux dossiers
- Advised Societe Generale-FORGE (SG-FORGE), on the launch of EUR CoinVertible, a digital asset developed and administered to maintain a stable value (stablecoin).
- Advised Covage Infra, part of the Altitude Group, on the capital markets and relevant hedging aspects of the setting up a medium-term loan and liquidity line for a total amount of €156 million with NORD/LB.
- Advised Coface SA on the tender offer for its outstanding €380 million guaranteed subordinated notes with a fixed interest rate of 4.125% due March 27, 2024, and the issuance on September 22, 2022 of €300 million tier 2 notes with a fixed interest rate of 6.000% due September 22, 2032.