Presentation (correction slide 18) - Dexia.com
Presentation (correction slide 18) - Dexia.com
Presentation (correction slide 18) - Dexia.com
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Placement of Group benchmark issues supported by an<br />
expanded investor base<br />
DMA benchmark issues per period (%)<br />
DMA pre-crisis (2005-08)<br />
Changing investor cartography<br />
DMA post-crisis (2009-10)<br />
Placement of Government Guaranteed benchmarks<br />
per currency (%)<br />
EUR<br />
GBP<br />
USD<br />
Solid appetite for covered bonds, but from<br />
changing geographies<br />
• Investors refocus on their regional issuers<br />
• High level of Central banks purchases, to the<br />
exception of non European Central banks that<br />
began investing just before the crisis<br />
• French and German investors remaining<br />
faithful to Obligations Foncières and<br />
Pfandbriefe<br />
New doors opened by non-Euro<br />
Government Guaranteed benchmarks<br />
(GGB)<br />
• 144-A USD and GBP issuance allowing to tap<br />
new investors with high investment capacities<br />
• Reach also expanded to Southern Europe and<br />
Middle East based investors<br />
21<br />
Note: DMA: <strong>Dexia</strong> Municipal Agency
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