Crédit Agricole CIB’s €830 Million synthetic securitisation under the European Investment Plan

White & Case LLP has advised Crédit Agricole CIB on €830 million in new funding for French SMEs and ISEs through a synthetic securitisation under the European Investment Plan (Juncker Plan).

The Crédit Agricole Group and the EIB Group – the European Investment Bank (EIB) and its subsidiary the European Investment Fund (EIF) – have finalized one of the first large scale transactions under the Juncker Plan. The de-linked scheme is innovative: having the EIF guarantee Crédit Agricole CIB’s corporate portfolio in return for new SME financing forges a bridge between corporate investment banking activities and the financing of SMEs in the French regions.

The EIF has agreed to guarantee Crédit Agricole CIB against potential losses resulting from the non-performance of the mezzanine tranche of a portfolio of loans to large European corporate borrowers through a synthetic securitisation. Crédit Agricole CIB, in consideration for this guarantee, has made a commitment to the EIB Group to provide French SMEs and ISEs with an €830 million subsidised financing package that will be disbursed over three years by Crédit Agricole regional banks.

The White & Case team which advised on the transaction included partners Ingrid York (Picture), Gregoire Karila (Paris), Stuart Willey (London), and Dennis Heuer (Frankfurt), local partner Daniel Baierlein (Frankfurt) and associates Charles Linel (Paris) and Richard Blackburn (London).

Involved fees earner: Ingrid York – White & Case; Grégoire Karila – White & Case; Stuart Willey – White & Case; Dennis Heuer – White & Case; Daniel Baierlein – White & Case; Charles Linel – White & Case; Richard Blackburn – White & Case;

Law Firms: White & Case;

Clients: Crédit Agricole Corporate and Investment Bank;