Spain steps ahead on CMU with securitization shake-up

By Owen Sanderson
29 Apr 2015

The new Spanish securitization law scraps restrictive measures and should shake up the market, in line with the European Union’s plan to promote more cross-border finance in capital markets.

The law should encourage non-banks in Spain to use securitization, and gives issuers many more options, including dual-recourse secured funding, or “contractual covered bonds”. This means other assets, such as SME loans, could be used to back dual-recourse financing, improving the flow of funds into non-mortgage assets.

“It ...

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