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FIGCovered Bonds

Pass through debate to dominate at Barcelona

The conditional pass-through covered bond structure will be the key focus of debate at Wednesday’s plenary session of the European Covered Bond Council’s plenary session, at the Caixa Forum in Barcelona. Investors are likely to baulk at the structure’s inherent extension risk, but the sell side will counter that traditional bullet structures could become pass-through as documentation is not specific and they have never been properly tested.

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