Mutuals' plans question OF framework's relevance
The sustainability of France’s obligations foncières regime is being questioned in light of Banque Fédérale des Banques Populaires’s announcement that it is setting up a Eu25bn structured covered bond programme. Mutual groups such as Crédit Agricole and Caisse Nationale des Caisses d’Epargne are also said to be considering shunning the legislative framework, meaning that obligations foncières issuers could soon be in the minority in France.
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