CIF EUROMORTGAGE

CIF Euromortgage is a French société de crédit foncier within the Crédit Immobilier de France (CIF) group that issues obligations foncières, the French covered bonds secured by a legally segregated cover pool. Its mandate is to refinance, on a secured basis, residential mortgage loans originated by CIF group entities, with eligible assets registered in the cover register under the French Code monétaire et financier. The issuer is authorized and supervised by the ACPR, and holders of its covered bonds benefit from the statutory priority claim over cover assets. Since 2012, the CIF group has been in orderly wind‑down and no longer originates new loans; consequently, CIF Euromortgage manages an amortizing portfolio and its issuance activity has been limited, with outstanding bonds declining over time. The cover pool is predominantly French residential mortgages, and the issuer provides periodic investor reporting on pool composition, seasoning, regional distribution, loan‑to‑value metrics, arrears, overcollateralization, and asset‑liability management features, alongside program documentation and base prospectuses. Covered bonds are rated by major agencies, with outcomes influenced by cover pool quality, structural protections, and the French legal framework. Key risk considerations include concentration in the French housing market, the characteristics of a run‑off book, limited business diversification, and secondary market liquidity that may vary as the program shrinks. Securities are generally listed on regulated markets, cleared through international central securities depositories, and targeted at institutional investors. CIF Euromortgage does not offer retail banking services; prospective investors should review the latest prospectus and reporting for current data.