Covered bond market braces for multi-cédulas test
Ahorro Corporación Financiera is said to be preparing an AyT Cédulas Cajas issue for launch next week that could be the biggest test of the covered bond market since the European Central Bank’s Eu60bn purchase programme was announced. The level of support from central banks for this and other so-called second tier names is expected to be key to how broad the market’s recovery is on the back of the ECB scheme. Read EuroWeek on Friday for more on the deal’s prospects and how the ECB purchase programme is developing.
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