La Caixa powers ahead as Provident stumbles
The troubled Spanish savings bank sector made a triumphant return to capital markets on Tuesday when La Caixa sold a Eu1bn three year deal — the first benchmark from a caja for more than six months. But Provident Financial’s pulling of a five year deal shows euro investors are still picking and choosing their credits. EuroWeek on Friday will analyse what went wrong with Provident’s deal — and what made La Caixa’s such a success.
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