The deal had the highest average score of the week — at 7.95 — and scored particularly highly for pricing and quality of the investor book. Rentenbank was able to print the deal — a 0.05% June 2023 — after Italian political instability caused the euro rates market to wobble earlier in the month.
It was a week of competent executions and that was reflected in our voters’ scoring. The other two deal scores this week were close to Rentenbank’s. A $4bn 2.75% July 2020 from KfW scored 7.6 on average, and SFIL’s second ever dollar benchmark — a $1bn 3% June 2021 — scored 7.43.
KfW’s benchmark re-opened the dollar market after weeks of volatility in swap spreads making pricing deals in the currency tricky. SFIL followed a day later. BondMarker voters approved of this: KfW and SFIL’s deals were awarded their highest scores in the timing category.
