France has extended its share of the European covered bond market to 17% in 2007 (year to date) from 11% in 2006.

Boosting volume is Credit Mutuel, which entered the field by launching a 15 billion ($20.15 billion) issuance program to refinance its residential loan profile. The deal received triple-A ratings from Fitch Ratings, Moody's Investors Service and Standard & Poor's and is structured by BNP Paribas.

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