CaixaBank dusts off 10 year play to make pricey market re-entry

The heyday of the Spanish Cédulas market may be long gone with the product presenting something of a rare commodity in the primary market these days, especially at the long end of the curve. But this week investors got their chance to buy when CaixaBank issued Spain’s second only covered bond of the year and the second only 10 year in two years, even though the issuer admitted it did not need the funding.