Caixa Geral level puts off some, but plenty pile in

Caixa Geral de Depósitos will this (Thursday) afternoon price its debut public sector covered bond, a Eu1bn five year deal, after Banco BPI reopened the Portuguese sector yesterday (Wednesday). In a reflection of how rapidly spreads are tightening in the market, the deal was launched this morning with guidance set around 10bp tighter than a level syndicate officials had discussed at the beginning of the week.