CFF on shaky ground as DexMA looks to brighter future
Two French covered bond issuers have very different outlooks for 2013, with Dexia Municipal Agency on an upward path, while Compagnie de Financement Foncier (CFF), until recently by far the better credit, faces severe disruptions because of ratings uncertainty. Traders believe the spread differential for the two issuers is likely to converge this year and may even cross over.
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