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FIGCovered Bonds

Intesa to switch collateral on covered exchange

Italian and Spanish covered bonds widened on Monday morning under sovereign pressure, drowning out any movement on Intesa Sanpaolo’s public sector backed bonds as a result of the issuer’s exchange offer. The borrower will exchange public sector covered bonds into new mortgage backed bonds of the same coupon and maturity, after Moody’s downgraded the public sector bonds.

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