Crédit Agricole Consumer Finance and Crédit Agricole Leasing & Factoring were very active on the securitisation market in 2021, with the support of Crédit Agricole Corporate & Investment Bank

CA CF achieves a record number of securitisations in 2021

These transactions reinforce CA CF's position as one of the best-established actors in the consumer credit securitisation market in Europe (1st issuer in 2021 in Europe in number of auto and consumer transactions). Overall the year saw a high number of issuances in all classes, and with various purposes of building up reserves or diversified and cost-optimised refinancing.

In January 2021, CA CF concluded a EUR 691.1 million issue of asset-backed securities (ABS, i.e. securities backed by loans to individuals) guaranteed by an outstanding amount of revolving loans from its business in France. In March and October, Agos distinguished itself on the securitisation market by placing two issues backed by Italian consumer credit, one for EUR 944.1 million and the other for EUR 604.3 million, placed on the market.

In July, the Portuguese subsidiary Credibom concluded a new issue of EUR 839.9 million backed by outstanding auto loans. Finally, in October 2021, it was the turn of the German subsidiary Creditplus to conclude an issue on EUR 1 billion outstanding in German auto loans.

FCA Bank was not left out, with two issues in August and September, on the auto outstandings of its Spanish (EUR 413.3 million) and German (EUR 400 million) subsidiaries respectively.

In line with the strategy developed by CA CF, many of these transactions were structured to be SRT (Significant Risk Transfer), thus making it possible to reduce the weighted assets of the group by later placing the tranches, as needed.

The group was also active on the local securitisation market in China, with two ABS issues placed by its joint venture, GAC-Sofinco, demonstrating the appeal of securitisation for both issuers and Chinese investors.

CAL&F returns to the securitisation market in Poland

CAL&F was not outdone in terms of securitisation: its Polish subsidiary Europejski Fundusz Leasingowy (EFL) issued a new transaction backed by leasing receivables, for an amount of PLN 1.7 billion. The transaction benefited from the support of the EIB group (European Investment Bank and European Investment Fund), as a direct investor for part of the issue, and guarantor for the balance.

“Securitisation has been one of the centres of excellence of the CA CF group for several years. All entities contribute regularly, using their various available assets. These operations, which require a collective approach, including Financial, Credit, IT and Legal services, actively contribute to the high self-financing rate of the CA CF group, while optimising refinancing conditions.” David Drapeau, Chief Financial Officer of CA CF group.
 

“Securitisation is a key expertise developed and driven by the Financial Management business line of the CAL&F group. Since 2017, the engagement of the CAL&F, EFL and Crédit Agricole CIB teams have made it possible to carry out three projects in Poland in close cooperation with the European Investment Bank (EIB). At the start of a new Medium Term Plan, this base of excellence should enable us to effectively support the development of Leasing in Poland and France.”  Philippe Lacroix, Deputy CFO of CAL&F.
 

« The Crédit Agricole CIB Securitisation team is proud to have once again supported CA CF and CAL&F with their securitisations, in various jurisdictions and on various underlyings. We are especially honoured by the trust placed in us, which reflects the leading expertise of our teams. » Alexandre Vigier, Global Head of Financial & Operating Asset Securitisation, Crédit Agricole CIB.