Banco BPI S.A. Covered Bonds (Obrigações Cobertas - Mortgages)

Covered Bonds

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The Covered Bonds Programme of Banco BPI, under which up to EUR 9 billion of covered bonds can be issued currently, was established in 2008 under Portuguese covered bond law. BPI is required to pay interest and principal on the covered bonds, and, in case of the Issuer default, the assets of the CP are available to repay principal and interest of the covered bonds subject to the final terms of each issuance.