Formerly CM-CIC Covered Bonds

Crédit Mutuel Home Loan SFH is registered as a limited liability company and duly licensed to act as a credit institution with a limited purpose, approved by the Autorité de Contrôle Prudenciel (ACPR) on June 6th, 2011.

A 99.9% subsidiary of the BFCM Group, its sole activity is to finance the residential real-estate lending activity loans for Crédit Mutuel Home Loan SFH will benefit from the new legal framework (SFH) which has been approved by French Parliament in October 2010 (Bankruptcy law, UCITS 22.4 compliance).

Since 22nd July 2022, Crédit Mutuel Home Loan SFH has been authorized by the ACPR to use the high-quality European covered bond label mentioned in Article L.513-26-1 II of the French Monetary and Financial Code for issues made under its covered bond program.

Ratings & date of last update
S&P AAA 28/04/2022
Moody's Aaa 22/10/2019
Fitch Ratings AAA 19/01/2021

Structure Overview Crédit Mutuel Home Loan SFH program

Borrower Debt Advances AAA Bonds Caisse Fédérale de Crédit Mutuel Crédit Mutuel Home Loan SFH Investors BFCM CCM Local Banks CCM Local Banks CCM Local Banks CCM Local Banks CIC Network Collateral Cash Collateral Art L211.36
  • Full recourse of the Issuer
    against BFCM
  • Covered Bonds backed by direct
    security over the Cover Pool
  • Asset monitoring including Asset
    Coverage Test and Amortisation Test


  • Alexandre Saada
  • Eric Cuzzucoli
    Managing director
  • Eric Platiau
  • BFCM
    Represented by Sandy Faure