Both deals scored highly with the GC BondMarker voters, impressing on all categories. However, EFSF's €6bn jumbo dual tranche had the edge in most categories. The 31 year tranche surprised everybody by raising €3.5bn, a full €1bn more than the eight year.
Little wonder that the trade received 10s for timing, managing to take advantage of rates driven upwards by an uncharacteristically hawkish ECB president Mario Draghi. Investors took the higher yields as a buying opportunity and piled into the long tranche en masse. With a 10 in structure/maturity and nothing lower than a nine (for pricing), EFSF's long tranche was absolutely the right deal at the right time.
The shorter tranche was scarcely less highly praised but received a 7.5 for structure and maturity. Click here to see what market participants thought of EFSF's deal.
BNG's scores, which included an 8.5 for pricing, might have looked more impressive in a week with less stiff competition but, up against one of the most impressive deals of the year, it was always going to be tough to stand out. Click here to see what market participants thought of BNG's deal.