Global law firm Hogan Lovells Cadwalader has advised the Arranger and the Joint Lead Managers including BofA Securities, BNP Paribas, Credit Agricole Corporate and Investment Bank, HSBC and Santander CIB as Joint Lead Managers on an STS, CRR and LCR public securitisation of French home loans primarily originated by HSBC Continental Europe (TAMPA Finance 2026-1 DAC).
The transaction, with a volume of €505m, securitised part of a €3.8bn portfolio of French home loans primarily originated by HSBC Continental Europe (“HBCE”) in France (the “Home Loan Portfolio”). The Home Loan Portfolio was originally sold by HBCE to a consortium composed of a UK pensions insurance specialist and a French bank and was then partially refinanced by a pool of leading European banks through a warehouse facility in the form of an unrated and unlisted note facility to a French FCT (FCT Chagall, acting in respect of its Compartment 1, the “AssetCo”). The Home Loan Portfolio is serviced by CCF. This is the first take-out in relation to the Home Loan Portfolio. The deal closed on 7 July 2026. The Notes were also designated as STS.
Prior to the closing of the transaction, the AssetCo was restructured into a ‘master trust’ structure, enabling the Home Loan Portfolio to be held at AssetCo level and allowing for future take-outs. Whilst Hogan Lovells Cadwalader has extensive experience advising on similar refinancings of portfolio acquisitions in the UK, this is the first transaction of this kind in France.
Banco Santander, S.A., BofA Securities, BNP Paribas, Credit Agricole Corporate and Investment Bank and HSBC Continental Europe acted as Joint Lead Managers. Banco Santander, S.A. also acted as Swap Provider.
The Hogan Lovells Cadwalader team was led by structured finance and securitisation partner Laura Asbati (Paris), with key support from senior associate Julie Toux (Paris) and associate Jorge Hidalgo (Paris). The English law aspects were dealt with by partner Julian Craughan (London) and senior associate Steven Minke (Paris). The team was also supported by partner Sharon Lewis (Paris), Katia Merlini (Paris), counsel Ailsa Davies (Paris) and associate Ross Deegan (Paris) on the swap aspects. Partners Philip Harle (London) and Ludovic Geneston (Paris), as well as senior associates Adela Komorowska (London) and Maryll Pizzetta (Paris) handled tax aspects. Partner Emil Arca (New York) and senior associate Lauren Kimmel (New York) handled U.S. law aspects.
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