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BondMarker: Land NRW tops February charts as euros reign

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The most popular deal on BondMarker in February was a 20 year euro benchmark from the State of North Rhine-Westphalia. Voters lapped up long-dated efforts on BondMarker last month: no deal in the top five had a maturity shorter than 15 years.

Land NRW’s deal, led by Bank of America Merrill Lynch, Deutsche Bank, JP Morgan and NordLB had an average score of 8.82. Its score for structure/maturity was particularly high at 9.67.

The deal attracted an order book of €2bn (including €300m for the leads) and was priced at mid-swaps plus 3bp. One of the leads placed the concession at 1bp-2bp.

“Good timing, good spread, swaps positive and a good spread to Germany — a good result all in all,” said a banker away from the deal at the time.

A UK Debt Management Office (DMO) deal was placed third this month with a £2.75bn ($3.83bn) 2048 index-linked opening, which was priced on February 6. The deal was praised for a neat execution despite coming in volatile markets.

The European Union and the European Investment Bank scored very highly with 15 year issues in euros, while Spain rounded off the top five with a €6bn 2048 print.

In dollars, FMS Wertmanagement was the top scorer with a five year, led by Bank of America Merrill Lynch, Barclays, Goldman Sachs and HSBC, that scored 8.24. The deal scored particularly highly in the pricing category. Despite announcing with price thoughts deemed “quite aggressive”, by one of the leads, the books topped $2bn (excluding lead manager orders), allowing the issuer to print $1.5bn at 2bp inside price thoughts.

The average BondMarker score for dollar deals in February was 7.62, and for euros, 7.37.

Top five deal scores overall (including top three in euros)

Average score


Land NRW €1bn 1.65% Feb 2038


Bank of America Merrill Lynch, Deutsche Bank, JP Morgan, NordLB

EU €1bn 1.25% Apr 2033


Citi, Crédit Agricole, Deutsche Bank, LBBW

UK DMO £2.75bn 0.125% Aug 2048


Bank of America Merrill Lynch, JP Morgan, Lloyds Bank, Santander

EIB €2bn 1.125% Apr 2033


Bank of America Merrill Lynch, Crédit Agricole, Deutsche Bank, Société Générale, UniCredit

Spain €6bn 2.7% Oct 2048


Barclays, BBVA, Citi, HSBC, Santander, Société Générale

Top three dollar deal scores

Average score


FMS Wertmanagement $1.5bn 2.75% Mar 2023


Bank of America Merrill Lynch, Barclays, Goldman Sachs, HSBC

Rentenbank $2bn 2.375% Feb 2020


Bank of America Merrill Lynch, BNP Paribas, Goldman Sachs, RBC Capital Markets

EBRD $1.5bn 2.75% Mar 2023


BMO Capital Markets, Citi, Goldman Sachs, TD Securities

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