BondMarker: Top scoring deals of the quarter revealed

Tessa Wilkie

April 06, 2018 03:30 PM

A sovereign and an agency scored the most popular deals on BondMarker in the first quarter of 2018. The top five deal scores of Q1 2018 were very close — less than a quarter of a point separates first place from fifth.

A €4bn 10 year benchmark from Portugal, which was executed on January 10 by Barclays, Citi, Crédit Agricole, Goldman Sachs, JP Morgan and Novo Banco, topped the charts for the first quarter with an average score across the five deal categories available for voting (pricing, timing, structure/maturity, quality of the investor distribution, performance) of 8.94. The deal attracted a record book for a Portugal benchmark.

It was closely followed by a $3bn 10 year from KfW — its first 10 year benchmark in the currency since 2015 — which was priced two weeks later by Bank of America Merrill Lynch, JP Morgan and TD Securities. That deal scored an average of 8.93.

Making up the rest of the top five were a €10bn 1.4% April 2028 from Spain, with an average score of 8.83; a €1bn 20 year from Land NRW (average score 8.82) and a bumper sterling print — a £1.25bn December 2022 — from World Bank with 8.7.

GlobalCapital collected scores on 80 benchmarks priced in the first quarter. The average deal score in the first quarter was 7.72. For euro benchmarks it was 7.59 and for dollar benchmarks, 7.81.

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