KfW launched a €3bn five year, while Caisse d'Amortissement de la Dette Sociale launched a $2bn two year. Cades, though it achieved respectable scores in every category, had the misfortune of going up against KfW, which produced an exceptionally strong deal.
KfW managed to outscore Cades in every category, most widely in the performance criterion, where the German agency beat its French counterpart by 1.2, and in the structure/maturity criterion, where the difference between the deals was 1.4.
On pricing, Cades almost managed to catch KfW, receiving a score of 8.3 to KfW's 8.7.
For full coverage of the deals, see their bond comments here.
