Cédulas law updated, Eu3.5bn AyT deal retained

The Spanish parliament has approved the planned amendment to the Spanish covered bond legislation, which will come into effect the day after being published in the official state bulletin. Meanwhile, The Cover understands that a Eu3.5bn AyT Cédulas Cajas deal expected imminently will be mainly retained for liquidity purposes by the Spanish savings banks and partly privately placed with end investors.