Austria’s 100 year bond was the indisputable star of the week, earning close to a perfect score for pricing, timing and of course, structure/maturity. Only its score for quality of the investor book was slightly below the weekly average.
The €4bn five year that accompanied the 100 year tranche also achieved impressive scores of eight or higher in every category.
Austria was joined in the euro market by a €3bn six year from the European Investment Bank. Though EIB’s note received respectable scores, it was below the weekly average in every category except quality of the investor book.
In dollars, Finland and Nordic Investment Bank printed a pair of $1bn three year no-grows. Both trades received excellent scores, hovering between eight and nine for every category and, by and large, comparing favourably with the weekly average.
Dexia’s somewhat more ambitious $2bn five year transaction was less warmly received. While it received the best score of the week for performance, its grade for pricing was the lowest, perhaps indicating investors got a very good deal.