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FIGCovered Bonds

Sapin II law aligns treatment of French covered bond structures

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As well as creating the legal conditions to allow the issuance of senior non-preferred debt, France’s Sapin II legislation brought in changes that will further harmonise the treatment of French Société de Crédit Foncier (SCF) and Sociétés de Financement de l’Habitat (SFH) covered bond structures.

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