Dexia Municipal Agency is exchanging seven outstanding covered bonds for three new, longer dated benchmarks, in the first liability management exercise seen in the covered bond market. Market participants have suggested that the technique could prove useful for other issuers, particularly those trying to avoid a hump in refinancing in the coming years that will come with the redemption of government guaranteed issuance. Read EuroWeek this week for an analysis of Dexia’s exercise.
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