World Bank’s £1.25bn December 2022, priced by Barclays, HSBC and NatWest Markets, was the largest ever sterling deal by a non-European SSA — and BondMarker voters were quick to applaud the trade. They awarded it 8.70, the highest average score of the week commencing January 15. The trade scored particularly highly for investor distribution and performance — each gaining a 9.0 — although it also performed well in the other three categories.
The other sterling benchmark that week, EIB’s £1bn March 2021, also scored well with an average 7.90.
There was a bit more of a range among the week’s collection of euro trades. Sweden’s €4bn April 2023 through Crédit Agricole, Danske Bank, Goldman Sachs and JP Morgan topped the billing with an average score of 8.46 — the second best score of the week across all currencies. The trade scored at least 8.5 in every category, except performance, which came in at 7.75.
At the other end of the scale, Belgium’s €5bn June 2028 scored just 6.88, the lowest score across all currencies that week. The trade, priced through BNP Paribas, Citi, NatWest Markets and Société Générale, scored well on timing (7.88) and structure/maturity (8.13) but was let down on pricing (6.5), investor distribution (6.38) and performance (5.5).
The week’s other euro trades were KommuneKredit’s €1bn January 2025 (average score 8.42), Council of Europe Development Bank’s €1bn January 2028 (8.08) and Austria’s €4bn February 2028 (7.70).
Dollar scoring was more consistent, with all four trades scoring within a narrow range. Kommuninvest’s $1bn April 2021 through Citi, Nomura, Nordea and TD Securities topped the bill with an average score of 7.92. But the week’s lowest scoring dollar deal — the International Finance Corporation’s $2bn January 2021 via Bank of America Merrill Lynch, Citi, JP Morgan and TD Securities — was not far behind, on 7.63.
Dexia’s $1.5bn January 2021 (average score 7.80) and Export Development Canada’s $1.25bn January 2023 (7.79) were the week’s other dollar trades.
