Conditions in the dollar market were sensational, with borrowers able to pick up funding in tenors from two to 10 years. With such a hot market, it is no surprise that the category with the highest average score across all the deals was timing.
By and large, the deals met with warm receptions, none more so than Asian Development Bank's $1.5bn 10 year. The deal exorcised some unhappy memories of its less successful trip to the 10 year part of the curve in January, drawing the highest score of the week in each category.
ADB was joined at the 10 year maturity by CPPIB Capital, which made its first trip to the dollar long end with its third benchmark in the currency. The issuer's ambition in trying the difficult 10 year maturity was appreciated by the BondMarker voters, who awarded it a nine for structure and maturity.
Perhaps the most discussed trade of the week, ESM's debut in the dollar market turned heads and put $3bn of five year cash in the supranational's coffers. Once again, the transaction received impressive scores in every category, but was particularly impressive in timing and in quality of the investor book.
The deals at the short end of the dollar curve received respectable scores but were markedly less praised than their counterparts further out in the curve. Sweden raised $2.5bn with a three year transaction while Bank Nederlandse Gemeenten picked up $2bn with a two year deal. BNG's trade in particular was let down by its score for structure/maturity, which was the lowest score awarded this week.