The Euro Secured Notes Issuer, a vehicle set up by five French banks to securitize loans to small and medium-sized enterprises, made its debut issuance this month, selling €2.6 billion ($3.5 billion) of bonds with maturities of up to three years.

BNP PARIBAS, BPCE GROUP, Credit Agricole Group, HSBC France and Societe Generale are the sponsors of the program. However, all European banks (not just French) can sell ECB-repo-eligible SME collateral to the vehicle, according to a press release issued by the French Banking Federation.

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