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FIGCovered Bonds

Cédulas ready for Spanish property plunge

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Spanish house prices fell for the first time in four years in the first quarter this year, but even so, the Cédulas market is in a much stronger position to weather further expected falls than it was when house prices dove in 2007 and 2012. And based on the recent performance, even if spreads were to widen, some investors would be likely to consider the move as an opportunity to buy.

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