This is the second issue of notes under their securitization vehicle that was created in March 2021, namely “ELIDEII”. On 24 November 2022, Senior Class A Notes were issued by second Compartment “2022-01” for an amount of 2 260 000 000 euros and are rated AAA(sf) from S&P and AAAsf from Fitch and listed on Euronext Paris. The securitization transaction was notified to ESMA as "STS" (simple, transparent, and standardized). The management company is France Titrisation and Prime Collateralized Securities (PCS) EU SAS was appointed as third party verifier to assess compliance of the securitization transaction with the STS criteria.

The Notes have also been deemed eligible for European Central Bank refinancing transactions.

Through this operation, BRED Banque Populaire successfully raised nearly 2.5 billion euros.

BRED Banque Populaire chose Reed Smith for its expertise in the field of securitization and structured finance. Moreover, BRED Banque Populaire is a long-term key client of Paris FIG partner Baptiste Gelpi who advises them regularly on various financial law aspects.

The Reed Smith team consisted of Baptiste Gelpi (Partner, FIG – Paris), Chuanyu Fan (Associate, FIG – Paris) and Audrey Minnie (Paralegal, FIG – Paris) with support from Benoît Bernard (Partner, Tax – Paris) and Sigrid Le Chevalier (Associate, Tax – Paris) on the tax aspects.