Founded in Paris in 1920, Gide is a leading international law firm with 12 offices spread throughout the world.
Gide is physically present in six regions of the world, with 11 offices, enabling it to act on cases globally.
29 April 2014
Deals | France - Securitisation | Gide advises BNP Paribas, HSBC France, Natixis, BPCE S.A., Société Générale and Crédit Agricole S.A. on the Euro Secured Notes Issuer (ESNI) market-led securitisation initiative
Law firm Gide advised BNP Paribas, HSBC France, Natixis, BPCE SA., Société Générale and Crédit Agricole S.A., the credit institutions mandated by the French Fédération bancaire française to take part in the working group in charge of creating company Euro Secured Notes Issuer (ESNI), with the support of the Banque de France. ESNI is one of the first French law securitisation companies with compartments (sociétés de titrisation à compartiments). It is dedicated to refinancing credit claims eligible as collateral for the purposes of monetary policy and intraday credit operations of the Eurosystem. Inspired by French covered bonds structures, the method of mobilizing claims at ESNI level uses the financial guarantees regime governed by articles L.211-38 et seq. of the French Monetary and Financial Code. The eligibility of the debt securities issued by ESNI as collateral for the purposes of monetary policy and intraday credit operations of the Eurosystem is under review by the European Central Bank.
This new market-led vehicle is open to all French and European banks that are eligible counterparties for the Eurosystem. This structure could be duplicated in the future to other jurisdictions of the Eurozone.
The inaugural ESNI issues took place on April 11, 2014 for an aggregate amount of € 2.65 billion.
The multi-disciplinary team comprised (i) for financial law aspects, partners Christine Van Gallebaert and Xavier de Kergommeaux, counsel Frederic Daul and associates Arnaud Lacroux and Clemence Charpentier, (ii) for corporate law aspects, partner Didier Martin and associate Fanny Esnee, (iii) for tax law aspects, partner Guillaume Jolly and (iv) for competition law aspects, partners Stéphane Hautbourg and Dimitri Dimitrov and counsel Sophie Quesson.
