About Dexia MA
Dexia Municipal Agency (Dexia MA) was created in October 1999 just after France had passed a law authorising sociétés de crédit foncier to issue covered bonds called obligations foncières.
| Ratings |
AAA/Aaa/AAA |
| Risk weighting |
20% (Aus) |
| 2007 funding volume |
Around €16 bn |
Since then, Dexia MA has been a regular and frequent issuer of obligations foncières in the Euromarket, progressively diversifying its activity to include other currencies (such as USD, YEN, AUD, GBP, CHF and CAD).
The collateral of Dexia MA’s obligations foncières and other debt benefiting from the Privilège is exclusively composed of public assets. These assets are generated by the first line of business of the Dexia Group, the world leader in financial services to the local public sector. The bulk of the collateral comes from France, along with substantial portions from Italy, Spain, Belgium, and Switzerland, with smaller volumes from northern Europe, the US, Canada and other European countries.
Standard & Poor’s, Moody’s Investors Service and Fitch rate Dexia MA’s obligations foncières and other debt benefiting from the Privilège triple-A.
Funding strategy
The funding volume of Dexia MA for 2007 is expected to be around €16 billion.
As of December 31 2006, Dexia MA had €49.7 billion of obligations foncières and other debt benefiting from the Privilège outstanding (balance sheet value). Dexia MA has a funding strategy based on the building of benchmark curves in euros and other major currencies, and on an activity of private placements tailored to investors’ requirements. Issues are swapped against Euribor for hedging purposes. Dexia MA maintains a fruitful dialogue with investors around the world.
AUD outstandings
As of Oct 31 2007 Dexia MA had A$2.07 billion outstanding under its A$5 billion Kangaroo programme.
Kangaroo |
A$M
2,070.0 |
AUD eurobonds
AUD Uridashi |
137.5
0 |
| Total AUD Outstanding |
2,207.5* |
*NOTE: The AUD Uridashi and Eurobond information is as of May 31 2007. The AUD Kangaroo information is as of Nov 2 2007.
Source: KangaNews
|
|
Last Updated ( Friday, 02 November 2007 )
|
