Unédic’s €1.25bn May 2028, sold in the week commencing September 24, took an overall average of 7.73, compared with the 7.52 for NRW.Bank’s $1bn October 2021.
BondMarker voters scored Unédic particularly highly for timing, which took an average of 8.38, and structure/maturity, which drew 7.88.
Onlooking bankers at the time of pricing said the issuer had made the right choice with the 10 year maturity, as opposed to doing a long end trade — particularly after SSAs had “suffered” in secondary, “especially in the long end”, said one.
NRW.Bank’s highest score was also for timing (7.90), but its other top categories were quality of the investor distribution (7.80) and performance (7.70).
Bankers away from the trade described it as NRW.Bank’s best ever deal at the time of printing, and praised its pricing, which they saw as flat to the curve.
But BondMarker voters expressed a different view, with the pricing category drawing the deal’s lowest score, at 6.70.
Last week’s solitary benchmark, Kommuninvest’s $1bn three year, is available for scoring on BondMarker until 6pm on Thursday.
