France's 2036 linker trade received an average score of 7.1 across the five scoring categories (timing, structure/maturity, pricing, quality of the investor book, performance), beating KfW's $4bn three year by almost a full point, and outscored it in every category.
The worst category for both deals was timing. KfW received 4.89 from the BondMarker voters, with France scarcely better at 5.25. Voters presumably felt that the market was far from at its best in the week before Easter.
For structure/maturity, the linker proved a more popular trade with our voters, who awarded it a respectable 7.625, compared to KfW's 6.17.
Both deals got their highest scores for performance. France picked up 8 points, while KfW scored 7.685.
