BondMarker results: KfW and Cades head to head

The votes are in and the scores have been calculated. Two European borrowers brought benchmarks to market last week and the BondMarker voters have rendered their verdict.

  • By Lewis McLellan
  • 26 Oct 2017
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KfW launched a €3bn five year, while Caisse d'Amortissement de la Dette Sociale launched a $2bn two year. Cades, though it achieved respectable scores in every category, had the misfortune of going up against KfW, which produced an exceptionally strong deal.

KfW managed to outscore Cades in every category, most widely in the performance criterion, where the German agency beat its French counterpart by 1.2, and in the structure/maturity criterion, where the difference between the deals was 1.4.

On pricing, Cades almost managed to catch KfW, receiving a score of 8.3 to KfW's 8.7. 

For full coverage of the deals, see their bond comments here.

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  • By Lewis McLellan
  • 26 Oct 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 18,481.15 26 8.95%
2 HSBC 16,094.53 24 7.80%
3 BNP Paribas 15,919.65 22 7.71%
4 Barclays 15,034.43 23 7.28%
5 Goldman Sachs 14,733.99 25 7.14%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,381.13 125 12.09%
2 Citi 49,764.15 128 11.27%
3 HSBC 34,695.08 84 7.86%
4 Bank of America Merrill Lynch 33,616.38 101 7.61%
5 Deutsche Bank 29,250.35 70 6.62%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 33,639.57 107 7.23%
2 UniCredit 32,850.81 112 7.06%
3 Barclays 31,876.57 76 6.85%
4 Goldman Sachs 31,731.55 86 6.82%
5 BNP Paribas 31,052.89 65 6.68%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 93,202.80 530 7.40%
2 Citi 91,849.49 314 7.29%
3 HSBC 79,596.61 281 6.32%
4 Bank of America Merrill Lynch 65,275.79 207 5.18%
5 Barclays 65,250.47 203 5.18%