GC BondMarker results: EFSF recovers at long end
The GC BondMarker scores for last week's benchmarks have been counted and market participants have deemed the European Financial Stability Facility's return to the long end a success.
The supranational had found earlier forays to the ultra long sector a challenge (see the GC BondMarker results for its 2056 tap here) but its latest attempt — a €1bn no-grow tap of a 2045 line — drew applause from all, outstripping even its other tranche; an impressive €4bn seven year.
The week's three dollar transactions did not fare quite so well as the EFSF. Inter-American's three year dollar transaction disappointed in the structure/maturity category, but scored highly elsewhere. KfW's five year was better received, receiving eights and nines across the board for its $4bn deal.
The Province of Quebec could certainly not be faulted for a lack of ambition, printing what is only the second 10 year dollar benchmark from an SSA borrower this year, and the GC BondMarker voters responded with a score of eight for structure/maturity. In other categories though, the deal did not impress, receiving sevens for pricing and quality of investor book.