In this contribution, the performance of a downlink code division multiple access (CDMA) system with orthogonal spreading and multicell interference is analyzed. A useful framework is provided in order to determine the optimal base station coverage for wireless frequency selective channels with dense networks where each user is equipped with a matched filter. Using asymptotic arguments, explicit expressions of the spectral efficiency are obtained and provide a simple expression of the network spectral efficiency based only on a few meaningful parameters. Contrarily to a common misconception which asserts that to increase spectral efficiency in a CDMA network, one has to increase the number of cells, we show that, depending on the path loss and the fading channel statistics, the code orthogonal gain (due to the synchronization of all the users at the base station) can compensate and even compete in some cases with the drawbacks due to intercell interference. The results are especially realistic and useful for the design of dense networks.