BondMarker results: KfW and Cades head to head

The votes are in and the scores have been calculated. Two European borrowers brought benchmarks to market last week and the BondMarker voters have rendered their verdict.

  • By Lewis McLellan
  • 26 Oct 2017
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KfW launched a €3bn five year, while Caisse d'Amortissement de la Dette Sociale launched a $2bn two year. Cades, though it achieved respectable scores in every category, had the misfortune of going up against KfW, which produced an exceptionally strong deal.

KfW managed to outscore Cades in every category, most widely in the performance criterion, where the German agency beat its French counterpart by 1.2, and in the structure/maturity criterion, where the difference between the deals was 1.4.

On pricing, Cades almost managed to catch KfW, receiving a score of 8.3 to KfW's 8.7. 

For full coverage of the deals, see their bond comments here.

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  • By Lewis McLellan
  • 26 Oct 2017

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 12,042.98 14 11.16%
2 JPMorgan 10,114.01 13 9.37%
3 Citi 9,037.14 14 8.37%
4 NatWest Markets 8,487.83 7 7.87%
5 HSBC 7,587.14 11 7.03%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 26,776.92 63 12.44%
2 HSBC 20,140.01 43 9.35%
3 JPMorgan 18,140.98 43 8.43%
4 Deutsche Bank 17,160.97 23 7.97%
5 Bank of America Merrill Lynch 15,542.62 47 7.22%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 21,242.89 39 8.56%
2 Barclays 19,533.57 31 7.87%
3 UniCredit 16,899.52 41 6.81%
4 HSBC 16,516.41 51 6.65%
5 BNP Paribas 15,247.52 27 6.14%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 47,163.88 157 7.44%
2 JPMorgan 46,881.95 215 7.40%
3 HSBC 42,134.38 143 6.65%
4 Barclays 36,659.08 110 5.78%
5 Deutsche Bank 34,477.82 91 5.44%