Danish banks still face refi risk, says S&P
Denmark’s efforts to improve its covered bond law and reduce refinancing risk for its banks are steps in the right direction, Standard & Poor’s said on Wednesday. However, refinancing risk will continue to be a problem.
About one third of Denmark's large mortgage covered bond market has to be refinanced every year, and the success of this refinancing relies on the market being open and functioning all year round.
That said, there were no market disruptions during the global financial crisis in 2008-2009, or after
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