New cash exceeds swaps for Dexia, Popular offers senior into covered exchange

A covered bond liability management exercise for Dexia Municipal Agency that closed on Wednesday resulted in the creation of two new issues totalling Eu2bn, with a planned new eight year tranche cancelled due to a lack of demand for that maturity. Meanwhile, Banco Popular Español launched an exchange offer on Monday featuring the first ever swap of senior unsecured debt into covered bonds.