Gide acted as legal adviser to the European Investment Fund (EIF) on a new securitisation of French SME loans arranged by BPCE through the issuance of guaranteed notes by Ophelia Master SME FCT, a French fonds commun de titrisation (FCT) managed by Eurotitrisation

On 30 June 2025, Ophelia Master SME FCT issued two new tranches of notes — the Class A2025-01 Notes and the Class A2025-02 Notes — for an aggregate principal amount of €450 million. The notes are backed by portfolios of loans granted to French small and medium-sized enterprises (SMEs) by Banques Populaires and Caisses d’Epargne, both part of the BPCE Group. The transaction is part of a broader €6 billion master trust programme aimed at facilitating long-term access to finance for French SMEs.

This is the first securitisation of this nature involving an EIF guarantee in the French market in several years, marking an important step in revitalising European securitisation as a tool for SME financing. The transaction contributes to the development of EU capital markets, aligning with broader policy goals to diversify funding sources and enhance financial resilience under the Capital Markets Union initiative.

Both classes of notes benefit from an embedded guarantee issued by the EIF, reinforcing investor confidence and enhancing the credit quality of the issuance. The notes have been rated AAA (sf) by Moody’s Ratings and Fitch Ratings and are listed on Euronext Paris.

The transaction was arranged by BPCE SA.

The European Investment Fund was advised by partner Samir Bensaker and associate Rosalie Johnstone.