Dexia launches liability management test for covered bonds, avoids crowded market

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Dexia launches liability management test for covered bonds, avoids crowded market

Dexia Municipal Agency launched an offer to exchange Eu14.5bn of obligations foncières into three new, longer dated benchmarks on Wednesday in the first test of such liability management exercises in the covered bond market, and one that could help it steer clear of a crowded funding calendar in the years ahead.

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