BPCE $1.85 Billion Notes Offering

Davis Polk advised the joint book-running managers in connection with BPCE’s Section 3(a)(2) offering of $1.25 billion 2.750% notes due 2021 and $600 million 3.375% notes due 2026 under BPCE’S $25 billion medium-term note program. The notes were issued by BPCE and guaranteed by Natixis.

Headquartered in Paris, BPCE is the central institution of Groupe BPCE, one of the largest banking groups in France. Groupe BPCE provides a full range of banking and insurance activities through its two major cooperative banking networks, Banque Populaire and Caisse d’Epargne, and through its different subsidiaries. These activities include savings and investment solutions, cash management services, financing solutions, insurance and wholesale banking services.

The Davis Polk corporate team included partner Reuven B. Young, counsel Amy T. Alter and associates Andrew Rowe and So Yeon Chang. Counsel Juliette Loget and associate Géraldine Fromage provided French regulatory advice. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Members of the Davis Polk team are based in the London and Paris offices.