Ashurst has advised Credit Agricole Corporate and Investment Bank ("CA-CIB") on a pioneering credit-risk transfer transaction by which the International Finance Corporation ("IFC"), a member of the World Bank Group, will provide credit-risk protection on the bank's $2 billion portfolio of emerging markets-related assets.

As part of the credit-risk transfer transaction, the IFC will provide a $90 million guarantee on the portfolio, which contains a variety of asset classes such as trade and commodity finance for both corporate and financial borrowers. The deal will provide regulatory capital benefits to CA-CIB.

The Ashurst London-based  team was led by finance partner James Coiley, assisted by senior associate Carl Baker, and solicitor Angelo Lu. Partner Paul Miller led on the tax aspects of the transaction.

The Paris-based team was led by finance partner Hubert Blanc-Jouvan, assisted by associate Sylvain Cantomerle.