BondMarker
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GlobalCapital’s Covered BondMarker shows that the five highest scoring covered bonds this year were all issued by French banks. And, based on the Covered BondMarker League Table, ING has, on average, joint lead managed more high ranking deals than any other bank in the past 12 months.
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Erste Group issued the best covered bond in January according to GlobalCapital’s newly updated BondMarker — which is now derived from facts, as opposed to survey-based opinion.
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GlobalCapital looks back over 2019 to assess the best euro covered bonds and banks, as rated by its Covered BondMarker. The best deals were from Lloyds, Santander and Rabobank. The best lead managers were BNP Paribas, ING and Natixis.
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Lloyds Bank’s €1.5bn five year has achieved the highest score of any covered bond issued this year in BondMarker and UBS has, on average, worked on the highest quality deals this year.
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Of the 13 German Pfandbriefe issued this year, a trio of deals issued by DZ Hyp, BayernLB and Deutsche Pfandbriefbank are vying for the top covered bond mark.
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Société Générale’s €1bn eight year and Credi-Mutuel CIC’s €1bn five year are leading the way with the highest mark of all French covered bonds issued this year on GC Bond Marker. But with the survey still open on Caffil’s recent €1bn 10 year social debut, these two issuers could well be knocked off the top spot.
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Kommuninvest received a strong score from BondMarker voters for its final dollar benchmark of the year.
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Nederlandse Waterschapsbank recorded a healthy average of 7.1 on BondMarker with its only dollar benchmark of the year.
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A dollar benchmark from Rentenbank scored comfortably higher than a euro trade from the European Financial Stability Facility in the latest BondMarker results. That is in keeping with a few weeks where the dollar market has been far more resilient than a wobbly euro sector.
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KfW’s €5bn November 2023 was the standout performer in a week of trades — from Erste Abwicklungsanstalt, Oesterreichische Kontrollbank and Swedish Export Credit Corp — that BondMarker voters rated highly.
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The Province of Alberta pipped the European Investment Bank to the top score of the week in BondMarker, with both issuers printing five year dollar globals.
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The European Stability Mechanism’s second ever dollar benchmark scored an overall average of 6.83 on BondMarker, amid a general trend of lower scores from public sector borrowers.
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SSA borrowers recorded below par results in the latest BondMarker scores, with even the best performer off form.
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Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.
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NRW.Bank and Unédic drew solid results in the latest BondMarker scores, with the French agency just pipping the German issuer with its overall average.
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There was a large range of average scores in the latest BondMarker results, with dollar deals largely outperforming euro trades.
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Signs of weakness in the euro market for public sector borrowers were apparent in the latest BondMarker results, as a benchmark deal in the currency received the lowest score of the week.
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The European Investment Bank’s latest dollar benchmark chalked up one of the highest BondMarker scores of the year so far in the currency.
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The first busy week for benchmarks after the summer break returned a slew of solid scores for borrowers, with Finland’s 10 year euro deal the pick of the bunch.
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World Bank scored an average of 7.27 with its first euro benchmark in almost two years, with voters particularly praising the deal in the structure/maturity category.
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The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far.
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World Bank’s $5bn July 2021 was the solitary benchmark available for BondMarker scoring in the week commencing July 16 — and voters rewarded the supranational for picking a window that it had all to itself.
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The UK Debt Management Office was once again the darling of BondMarker voters with its latest sterling syndication, but there was also a strong performance for a series of dollar deals that came in the same week.
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The State of North Rhine-Westphalia’s decision to tap into a glut of long end euro demand won the praise of BondMarker voters, as it fell just short of an average score of 8.0.
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A sovereign deal was the standout trade for BondMarker voters in the second quarter of the year, gaining a near perfect average score that was the only 9.0 plus deal of the period.
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A long dated euro benchmark from Quebec had the strongest scores of the week on BondMarker.
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Voters rewarded a five year dollar print from Finnvera — the first in that tenor from a European SSA since March — with strong scores across the board.
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Borrowers aiming deals at the shorter end of the curve in the week beginning June 11 — a week where euro markets endured bouts of volatility in the run up to a key European Central Bank meeting — won most favour with voters on BondMarker. All four deals scored achieved decent marks and less than half a point separates first from last place.
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Rentenbank impressed BondMarker’s voters with its largest ever euro benchmark: a €1.75bn five year.
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The UK Debt Management Office’s latest syndication left BondMarker voters’ hearts aflutter, but a pair of euro deals from Council of Europe Development Bank and NRW.Bank scored poorly.
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A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year.
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BondMarker voters scored three deals last week, including the European Financial Stability Facility’s last helping of funding for the second quarter and an arbitrage style trade by KfW. Read on to see how the deals were received.
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The International Development Association (IDA) earlier this month made one of the most hotly awaited entries into the bond market in years. But did our BondMarker scorers rate it? Read on to find out.
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Inter-American Development Bank’s largest ever benchmark achieved the highest scores of the week on BondMarker. Read on to see which other issuers found favour with our voters — and which were less popular.
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GlobalCapital presents an overview of some of the SSA bond markets' most frequent issuers’ BondMarker scores in the first quarter of this year.
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The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters.