Group BPCE Issuer Pooling Card Receivables

Register now

A pool of credit card receives issued by Group BPCE’s Natixis Financement unit are being securitized in the second-ever issuance through the Purple Master Credit Cards, FCT in France.

The €651 million transaction mostly consists of €550 million in a Class A2016-1 series of notes due October 2028, which have a preliminary ‘Aaa’ rating from Moody’s Investor Service.

The A notes have a 16.5% credit enhancement supported by a 1.2% reserve fund and the 15.5% subordination of unrated Class C2016-1 notes (totaling €64.1 million) and a €36.9 million fixed rate stack that is to be retained by Natixis Financement.

This is the second issuance under the Purple Master trust platfor€2 billion program, and will be used to redeem the existing 2015-1 series notes.  

The collateral consists of 339,341 revolving credit agreements, with an outstanding aggregate balance of €734 million. The average account has a €5,819 credit limit and an interest rate of 12.8%.

According to Moody’s, most of the receivables are through cards used on the VISA network, and are the “dual” debti/credit cards that are tied to accounts held by another bank in the Groupe BPCE family.

The deal is expected to close in October.

For reprint and licensing requests for this article, click here.