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GC Asia
Fortis covered bond play may offer exit from repo funding
Covered bonds could offer an exit route from reliance on repo financing with the central banks if the RMBS backed programme being marketed by Fortis proves a hit with investors.
Fortis has established a Eu100bn covered bond programme backed entirely by retained senior RMBS issued through its Dolphin master trust. If its inaugural issue is a success, other issuers may use the technique to replace ECB financing. The timing is fortuitous given that the central bank has been
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