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FIGCovered Bonds

Cédulas struggle in downgrade onslaught

Cédulas are under renewed rating pressure following Spain’s three notch downgrade by Moody’s. The Spanish covered bond market is likely to fall to single-A as a result, thereby further reducing its potential investor base. With the sovereign’s rating still fragile, additional downgrades would threaten issuers’ access to vital European Central Bank repo funding.

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