Spanish law change boosts covered bonds

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 cédulas 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 cédulas in four areas. Firstly, over-collatera

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