CFFL rises from DexMA ashes, eyes Q3 debut
The new French covered bond municipal financing agency, Caisse Française de Financement Local, began operations on Thursday. Its first benchmark issue could be seen as early as the third quarter. Bankers believe the newly issued bonds should trade in line with the tightest French covered bonds.
The Dexia groups sale of Dexia Municipal Agency to the French government for 380m became effective on Thursday, following the launch of a new entity called Société de Financement Local (SFIL) which is 100% owned by French institutions.
On January 16 the French regulator, the Autorité de Contrôle
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