La Caixa makes a point by matching Santander

La Caixa yesterday (Thursday) rounded off with a flourish the busiest week in the covered bond market since May 2008, pricing a Eu1.25bn five year cédulas hipotecarias flat to Santander, even though market participants had said that such pricing was aggressive. Meanwhile, a French issuer tapped the market much tighter than two weeks ago and a Dutch name is said to be preparing to go out on the road.