The Bank of New York Appointed as Note and Security Trustee by Credit Logement SA.Business Editors LONDON--(BUSINESS WIRE)--June 1, 2004 Bank to service first French synthetic residential mortgage-backed transaction The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , a global leader in securities servicing, has been appointed by Credit Logement SA, the main residential loan guarantee provider in France, to act as note and security trustee to its French Residential Asset 2004-1 plc transaction. The Euro 245.25 million of floating rate notes are due in 2043. This is the first securitisation of assets originated by Credit Logement and the first French synthetic residential mortgage-backed transaction. Credit Logement is selling to third parties the credit risk on a Euro 3.5 billion reference portfolio of guarantees on residential loans. Eric Veyrent, chief financial officer of Credit Logement SA, said, "We were impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with The Bank of New York's professionalism during our selection process and are confident that they will deliver the high quality trustee services required for this landmark transaction." Steven Hodgetts, managing director of global trust services at The Bank of New York, said, "This appointment underscores our ability to offer clients a unique combination of global services and expertise for their capital markets transactions. The Bank of New York is committed to providing issuers like Credit Logement with the best possible corporate trust support for their debt issues." Credit Logement SA, an AA/Aa2 financial institution, extends guarantees to major French banks in order to avoid mortgage registration and cover the credit risk attached to residential loans. Its guarantee exposure totals about EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 58 billion, much of which is primarily related to main residence. The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognised leader for trust services in a wide range of debt products, including mortgage-backed and asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. , corporate and municipal debt, derivative security Derivative security A financial security such as an option or future whose value is derived in part from the value and characteristics of another security, the underlying asset. services and international debt offerings. The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. , corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com. This announcement is not an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities. The offering is made only by means of the prospectus. |
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