12 June 2007 - Gide Loyrette Nouel, legal counsel for the second securitisation transaction in Tunisia:

The International Arab Bank of Tunisia (La Banque Internationale Arabe de Tunisie) (BIAT) has recently securitised private individual mortgages, via the common receivables fund FCC (fonds commun de créances) BIAT-CREDIMMO 2.  This transaction arranged by Maghreb Titrisation (Maghreb Securitisation) was for an amount of TND 50,000,000 (EUR 29,000,000). The FCC (fonds commun de créances - common receivables fund), set up by Tunisie Titrisation (Tunisia Securitisation) (management company) and the BIAT (depository), is governed by the law No. 2001-83 dated 24 July 2001 relating to the enactment of the Code on Collective Investment Schemes (Code des Organismes de Placement Collectif). 
 
The FCC (fonds commun de créances - common receivables fund) has financed the purchase of the receivables by the issue of five categories of shares:

TND 30,000,000 of priority shares P1 (estimated maturity: July 2013),
TND 10,500,000 of priority shares P2 (estimated maturity: July 2016),
TND   4,000,000 of priority shares P3 (estimated maturity: April 2020),
 TND   4,000,000 of subordinated shares (estimated maturity: April 2020), and
 a residual share subscribed for by BIAT.

Taking into account the quality of the portfolio of receivables selected by the BIAT for this second transaction, the shares are rated by Moody's (Aaa.tn for the priority shares and A3.tn for the subordinated shares), which has enabled the optimisation of the financial conditions of the issue.

The Gide Loyrette Nouel team which acted as counsel to the BIAT in this transaction was made up of  Kamel Ben Salah, Amina Larbi-Ezzine and Hana Araar, legal counsel, in Tunis, and Xavier de Kergommeaux and Grégory Benteux in Paris.

This same team had already assisted on the first Tunisian securitisation transaction, which was also initiated by the BIAT in 2006.