KfW put up a valiant effort, drawing praise (and a score of 8.7) for its ambitious choice of maturity. The 15 year tenor is well known as a difficult sell. Too long for many bank treasuries and too short for insurance and pension funds, it often falls between two groups of investors. However, thanks to ECB president Mario Draghi's uncharacteristically hawkish speech at Sintra in Portugal a few weeks ago, investors were comfortable flocking to the long end for core names like KfW. See the bond comment for full coverage.
However, Municipality Finance's three year dollar transaction blew GC BondMarker voters away. Three year dollars is generally a safe choice, particularly in a market that has been somewhat undersupplied. But, in testament to the deal's superb execution, MuniFin received 9.3 for timing, investor quality and performance. See the bond comment for full coverage.
To vote on this week's deals — including trades from EFSF, Land NRW, Sweden and Alberta — click here.
