Spanish law change boosts covered bond protection for buyers

Revisions to Spain's mortgage law will strengthen and clarify the credit position of covered bond-holders, according to rating agency Moody's.

Investors in Spanish mortgage covered bonds, known as cedulas hipotecarias, will also benefit as the changes increase the likelihood of timely payment following an issuer's insolvency.

The revised law aligns the Spanish legal framework with other European jurisdictions, and will support the creditworthiness of cedulas. Instances of over-collateralisation wi

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