Commentary & Deal Flow

Bpifrance ESN Master FCT, a newly set up French fonds commun de titrisation, (country: France) expected to be rated Aaa by Moody's, has mandated BNP Paribas and Bpifrance as co-Arrangers, and BNP Paribas, Deutsche Bank and Natixis as Joint Bookrunners to arrange a series of fixed income investor calls scheduled from 26-May-26 to 29-May-26. An electronic investor presentation will be made available.

An inaugural EUR-denominated European Secured Notes (“ESN”) transaction will follow, subject to market conditions. The notes will be issued under Bpifrance ESN Master FCT’s €2.0bn Secured Notes program dated 21-May-26. The securities will feature a dual recourse on Bpifrance and on a portfolio of medium and long-term secured and unsecured loans granted to SMEs and mid-cap companies. The notes will be issued with a soft bullet maturity with a 12-month principal maturity extension. Listing is on Euronext Paris (Regulated Market) in denominations of €100k + €100k.

Call Schedule:
The issuer is available for 1-on-1 and small group calls from 26-May-26 to 29-May-26. Please contact your relevant sales representative for scheduling.