A 10 year euro benchmark brought by European Stability Mechanism on March 7 beat the average score of other offerings from public sector borrowers that week in three of five available categories for voting in GC BondMarker.
African Development Bank also shone in the voting this week, with a deal that drew an order book larger than its entire 2012 funding programme. The borrower’s $2.5bn 1.875% March 2020 benchmark beat the competition in the scoring on quality of distribution and timing. The bond, which was priced on March 8, was led by Bank of America Merrill Lynch, Daiwa Capital Markets, JP Morgan and TD Securities.
ESM’s €3bn print scored the highest average marks of the week in performance, structure/maturity and pricing. The deal, led by Barclays, Crédit Agricole and Deutsche Bank was the only 10 year print in euros of the week from a public sector borrower. It performed strongly in the after-market — it was priced at mid-swaps minus 1bp but quickly tightened to minus 5bp.
The deal’s popularity is a refreshing contrast to a pair longer dated outings from its sister borrower, European Financial Stability Facility in February — a €1bn 2% February 2056 that was part of a dual tranche print and a €1.5bn 1.75 February 2043. Those deals received mean scores markedly below the week’s average [click the above links to go to the relevant BondMarker results pages].
Read on to see a full run-down of the BondMarker scores for SSA deals priced last week
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