The issuer won voters’ approval with a 10 year that scored 8.68 on average, the highest in the week beginning March 5. The €5bn 10 year Earn, which was priced on March 7, closed with a book north of €9.5bn. The deal came days after an Italian general election that led to a hung parliament, as well as Germany’s Social Democratic Party voting to enter into coalition with the Christian Democratic Union, thus securing a fourth term for Angela Merkel as Germany’s chancellor.
EIB's leads, Bank of America Merrill Lynch, Commerzbank, JP Morgan and Société Générale, priced the deal at mid-swaps minus 17bp — offering around 2bp concession to the issuer’s curve.
BondMarker voters awarded the benchmark its highest scores in the structure/maturity category, closely followed by high scores in the timing and quality of the investor distribution category.
“It went stonkingly well,” said a banker away from the deal at the time of pricing.
EIB’s previous benchmark — and also a high score on BondMarker the week it was scored — was a €2bn reopening of a 2033 line. That deal, which was priced by Bank of America Merrill Lynch, Crédit Agricole, Deutsche Bank, Société Générale and UniCredit on February 21, scored 8.59 across the five deal categories.
The second highest scoring deal of the week beginning March 5 was a €1bn 15 year from Finnvera — it clocked up 8.43 across the five deal categories. Rounding off the issues in euros was a €1bn 0.25% May 2023 from KommuneKredit, which was awarded 7.96.
In dollars, Oesterreichische Kontrollbank (OeKB) took top honours, scoring 8.28 on average with a $1.5bn five year global. The deal, led by BAML, Barclays, Citi and Goldman Sachs on March 6, attracted orders of over $2bn.
A $1.25bn 10 year from Alberta achieved a decent 7.9, closely followed by a $1.25bn five year from Swedish Export Credit Corporation on 7.76. Export Development Canada had the lowest score of the week with a $1bn five year that scored 6.8.
