EIB’s tap, led by Bank of America Merrill Lynch, Crédit Agricole, Deutsche Bank, Société Générale and UniCredit on February 21, achieved an average score of 8.59.
Voters awarded it particularly high scores in the timing, structure/maturity and quality of the investor distribution categories. The deal was originally set to be a €1bn tap but the book topped €6.3bn, with 166 orders, enabling the supranational to increase the size of the reopening to €2bn.
The deal’s timing allowed the issuer to capitalise on attractive yields in the 15 year part of the curve as well as offer an unusually chunky spread to France — leading to an explosion in demand.
“We don’t expect such a big response for taps,” said a banker at one of the leads at the time of pricing. “This felt more like the response for a new issue.”
Another long-dated print, this time a 2048 for Spain, scored highly with an average score of 8.28. Voters awarded the deal its highest score — 9.13 — in the structure/maturity categories.
Two other euro benchmarks racked up average scores in the high seven area: Nederlandse Waterschapsbank scored 7.88 with a €1.25bn 1% March 2028, while KfW scored an average of 7.85 with a €1bn reopening of its 0.375% March 2023.
Erste Abwicklungsanstalt fared less well with voters with a €1bn 0% February 2021. The deal’s final book size was not disclosed, but at the last update it was €1.075bn, with joint lead manager orders of €150m. Its average score across the five deal categories was 5.0. Its highest scores were in the timing and structure/maturity categories, but it was scored below five in the pricing, quality of the investor distribution and performance categories.
The week’s sole dollar deal — a $2.5bn 2.5% February 2020 from Bank Nederlandse Gemeenten — hooked the third highest average score of the week with 7.89.
