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FIGCovered Bonds

Ancien régime under threat

Thanks to Caisse de Refinancement Hypothécaire and BNP Paribas, the French obligation foncière market now has some competition in the shape of structured covered bonds. Some have applauded the arrival of the technique to France, saying that it brings more flexibility to issuers. However, others have derided these moves, claiming that they merely make France the most complex jurisdiction in the world.

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