Cédulas refinancing fears grow with primary shutdown
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Cédulas refinancing fears grow with primary shutdown

In the absence of primary supply, the Spanish banking sector continued to provide the focus of attention in the covered bond world this week. With Spanish banks facing around €200bn of Cédulas redemptions until the end of 2015, and access to the capital markets firmly closed, noteholders have become increasingly tetchy over their exposure — in contrast to the Irish covered bond market.

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