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FIGCovered Bonds

BBVA readies with first Cédulas de Internacionalización

Four years after Spain approved a new legal framework to support funding of export finance loans, BBVA has set up the first covered bond programme to be backed by the loans, which Moody’s rated on Wednesday. And with Spain set to update its Cédulas Hipotecarias law, others may be obliged to follow.

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