The centrepiece of last week's borrowing was surely the €7bn 30 year syndication that marked the end of a four month drought of new OAT syndications. The curve, battered by a hotly contested election race, snapped back into shape as soon as Macron clinched victory in the first round.
The four month wait proved worthwhile according to the GC BondMarker voters who awarded it scores over eight in all categories and a nine for timing.
Two of the borrowers most exposed to the tail risk of the French election, European Investment Bank and European Financial Stability Facility, were also in the market, raising $3bn of three year dollars and €6bn with a May 2033 note respectively. Because the supranationals are guaranteed by a consortium of eurozone governments, the prospect of victory for Eurosceptic Marine Le Pen did almost as much damage to their curves as to the OATs.
Both trades also received scores over eight in every category. KommunalBanken's €1bn 10 year received excellent scores as well.
However, the UK debt management office pulled off the most highly rated deal of the week, raising £5bn with a 40 year transaction, shattering the borrower's record for book size in the process.
See how all the deals performed below. Click here to see the bond comments for the deals.
