Paris, 8 September 2009 - Gide Loyrette Nouel advises on the creation of the real estate credit company (société de credit foncier) of the General Electric group (GE SCF) and the setting-up of its legal covered bonds (obligations foncières) Programme

Gide Loyrette Nouel has advised BNP Paribas, as arranger, on the setting-up of the EUR 5 billion legal covered bonds (obligations foncières) Programme of the real estate credit company (société de credit foncier) of the General Electric group (GE SCF) registered with Luxembourg's Commission de Surveillance du Secteur Financier.

General Electric is the first foreign group to create a real estate credit company (société de credit foncier) and launch a Programme of legal covered bonds (obligations foncières) in France. GE SCF specialises in refinancing residential home loans.

The first issue of EUR 1 billion closed on 22 July 2009. The bonds, maturing in 2014 and bearing 3.75% interest, were rated AAA by Standard & Poor’s and Aaa by Moody’s. They are admitted to trading on the regulated market of the Luxembourg Stock Exchange.

BNP Paribas, Deutsche Bank and Société Générale acted as lead managers for the issue.

Gide Loyrette Nouel team comprised, for capital markets: Hubert du Vignaux (partner), Julien Sébastien and Rosetta Ferrère; for securitisation: Christine Van Gallebaert (partner), and Karine Imbrosciano; for regulatory: Arnaud Pince; and for taxation: Guillaume Goulard (partner) and Florian Aymard.