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GC BondMarker results: EU's tap disappoints


Market participants were unimpressed by the European Union's effort at the long end, but the week's other benchmarks fared better.

The European Union (EU) tapped an April 2031 line for €600m on March 27 but the deal was outshone in all five categories by both of last week's other transactions.

The EU did receive a respectable seven for structure/maturity and a six for timing but its scores for pricing, quality of the investor book and performance were considerably below the week's average.

Admittedly, the supranational was facing stiff competition. Sweden's $2bn three year deal was the tightest (in mid-swaps terms) from a public sector borrower since May 2015 and the GC BondMarker voters were certainly impressed. The deal received the top scores in every category this week.

The Instituto de Crédito Oficial (Ico) rounded out the trio with respectable scores in every category for its €500m three year.

Remember to vote for this week's deals here.





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