CHAMPAGNE CORKS WERE popping in Lisbon on October 2 to herald the smooth passage of Portugal’s covered bond legislation.
The country certainly took an unusual approach right from the start when it decided to kick off the process by passing a law that applies to one issuer alone, Cassa Depositi e Prestiti. This law (article 5/18 of Law 296) was passed in September 2003 but it was not until March 2005 that CDP’s debut issue was launched – and panned.
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