Legal update to benefit Cédulas

By Bill Thornhill
25 Feb 2021

The transposition of the EU's Covered Bond Directive (CBD) into Spanish law is likely to be credit positive, according to a poll of delegates who attended the Association of Financial Markets in Europe’s 12th annual Spanish Capital Markets Virtual Conference on Thursday.

Delegates were upbeat about prospects for an improvement in Cédulas credit risk, once the Spanish covered bond law has been updated to take account of the CBD.

Although it’s likely that investors’ claims on the pool of assets will be reduced, two thirds of the audience thought this was ...

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