The European Investment Bank's $3bn five year benchmark received instant acclaim from all corners when it was priced last week. The supranational drew the largest book for a dollar SSA transaction for the whole year and came within touching distance of the tightest spread for a five year in 2017, but perhaps the secondary market performance drew the most admiration. Within a day of pricing, the bond had tightened around 5bp-6bp and is still trading at 3bp over mid-swaps. The BondMarker voters were certainly impressed, awarding it the highest score of the week for performance.
However, two deals pipped the EIB to the post with higher average scores overall. The European Financial Stability Facility's €3bn six year deal received outstanding grades across the board, but was let down slightly by the quality of its investor book, for which the borrower received just over 8.
Out in front though, in something of a surprising performance, Dexia Crédit Local outscored the two supranational juggernauts, receiving this week's highest average score.
Somewhat less impressive was a deal from Dexia's compatriot Société de Financement Locale, which received an average score of 7. The Federal State of North Rhine-Westphalia's $1bn three year met with even less approval, achieving an average of 6.