SG SFH & SG SCF Structure Overview - SG SFH and SG SCF are two issuers operating under strict regulation with similar structures, aiming for transparency and investor protection[6, 9] - Both programs have been awarded the European Covered Bond 'Premium' Label since July 8th, 2022[7, 19] - The legal framework includes a Legal Cover Ratio of 105%[15] - Covered bonds benefit from a preferential regulatory treatment, with a 10% Risk Weight under Capital Requirements Regulations (CRR)[19] - Overcollateralization is maintained at levels exceeding regulatory requirements, with SG SFH at 20% and SG SCF at 35% as of June 30, 2023[19] SG SFH Covered Bond Program - SG SFH has a EUR 70 billion program listed in Paris and is rated Aaa/AAA by Moody's/Fitch Ratings[13] - The collateral pool consists of French home loans originated only by SG Group Retail network[13] - As of June 30, 2023, the total cover pool is EUR 5581 billion, comprising EUR 4728 billion from Société Générale and EUR 853 billion from online banks[34] - The cover pool consists of 445,545 loans with an average loan balance of EUR 1253k, a WA LTV of 6764%, and a WAL of 96 months[63] - As of June 30, 2023, the program has an issuance capacity of EUR 2055 billion[85] SG SCF Covered Bond Program - SG SCF has a EUR 20 billion program listed in Paris and is rated Aaa/AAA by Moody's/Standard & Poor's[13] - The collateral pool consists of public sector exposures only, including sovereign, municipalities, and export credit agencies[13] - As of June 30, 2023, the cover pool is EUR 1657 billion, with 62% from SG and 38% from investment entities[102] - The cover pool has a WAL of 73 months and 89% of the exposures are denominated in EUR, with 11% in USD[102] - As of June 30, 2023, the program has an issuance capacity of EUR 1135 billion[117]