Jones Day represented Crédit Agricole Home Loan SFH, as issuer, in connection with its inaugural green issuance of €1.25 billion (US$1.38 billion) Soft Bullet Green Covered Bonds.
Soft bullet covered bonds have a scheduled maturity date and an extended maturity date. If objective, predefined and transparent criteria have been met, the maturity of a soft bullet covered bond can, and in some cases will automatically, be prolonged up to the extended maturity date.
During the extension period, the covered bond may be redeemed using cover pool proceeds. Failure to repay a covered bond on the extended maturity date triggers the default of the relevant extended covered bonds (unless multiple extensions are allowed).
The French law governed Green Covered Bonds are issued pursuant to the €40 billion Covered Bond Program of Crédit Agricole Home Loan SFH and listed on Euronext Paris.
Credit Agricole Home Loan SFH operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.
The Jones Day team was led by Christine Van Gallebaert (Picture) and Natalia Sauszyn.
Source Global Legal Chronicle