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Vauban Mobilisations Garanties (VMG) is a wholly-owned subsidiary of Crédit Foncier de France.

VMG was created in 1997 and was later acquired by the Crédit Foncier Group. VMG is an innovative refinancing vehicle. The principal activity of VMG consists in purchasing residential mortgages from Crédit Foncier. VMG helps to ensure Crédit Foncier de France's competitiveness on the private-customer segment of the real estate property financial market by refinancing these loans.

The company's assets are chiefly comprised of senior tranches of debt securization funds (FCT with underlying residential mortgages granted to natural persons) awarded or liable to be awarded a triple-A credit rating. VMG's assets have been granted a AAA rating by Standard & Poor's since the company's foundation. Since november 2006, Moody's has also awarded a triple-A-rating to the new assets purchased by VMG.

VMG's debt issues are in many ways similar to UK covered bonds. VMG's senior debts issues are rated AAA/Aaa.

VMG has been structured as a bankruptcy remote vehicle. The senior FCT tranches, reserves and provisions are all secured in favour of investors through a Financial Instruments Account (MAF Act of 1996).

Thus VMG is one of the two triple-A-rated awarded refinancing vehicles of Crédit Foncier alongside Compagnie de Financement Foncier.

Following amendments to VMG's Internal Regulations of April 2, 2015, cash investments were carried out on April 28, 2015. For more information, please click here.

Key figures at 06/30/2016
Balance sheet: € 1.097 billion
Outstanding FCT units: € 0.0 billion
Outstanding bonds: € 0.5 billion
Reserves (repayment and compensation): € 0.5 billion
 
Registration document 2015
Registration document 2014
Registration document 2013
Registration document 2012
Registration document 2011
Registration document 2010
Registration document 2009
Registration document 2008
Registration document 2007
Annual report 2006
Annual report 2005
Annual report 2004
Annual report 2003
Registration document 2015 update
Registration document 2014 update
Registration document 2013 update
Registration document 2012 update
Reference document 2011 update
Reference document 2010 update
Reference Document 2009 Update including a half-yearly financial report 1st half-year 2010
Update of the Reference
document as of June 30, 2009
VMG’s Internal Regulations

 

 
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