Foncier poised for strategic shift into RMBS

Crédit Foncier could issue its first RMBS within weeks after deciding to start issuing the product alongside covered bonds. The French mortgage provider is set to begin with a private placement that will securitise around €1bn of mortgages. It will sell the senior tranche to French insurers and fund managers that expressed interest in the project early on.

  • 19 Oct 2012

The transaction will not be a one-off. As part of a shift in its longer term funding strategy Crédit Foncier will seek to securitise around €2bn of assets each year by 2016.

The lender is part of the BPCE group, which has outlined plans to reduce its balance ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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1 Citi 81,261.11 236 11.59%
2 Bank of America Merrill Lynch 66,338.04 186 9.46%
3 Wells Fargo Securities 56,344.19 164 8.03%
4 JPMorgan 53,381.65 156 7.61%
5 Credit Suisse 44,872.46 115 6.40%