The deal attracted an order book of €2bn (including €300m for the leads) and was priced at mid-swaps plus 3bp. One of the leads placed the concession at 1bp-2bp.
“Good timing, good spread, swaps positive and a good spread to Germany — a good result all in all,” said a banker away from the deal at the time.
A UK Debt Management Office (DMO) deal was placed third this month with a £2.75bn ($3.83bn) 2048 index-linked opening, which was priced on February 6. The deal was praised for a neat execution despite coming in volatile markets.
The European Union and the European Investment Bank scored very highly with
In dollars, FMS Wertmanagement was the top scorer with a five year, led by Bank of America Merrill Lynch, Barclays, Goldman Sachs and HSBC, that scored 8.24. The deal scored particularly highly in the pricing category. Despite announcing with price thoughts deemed “quite aggressive”, by one of the leads, the books topped $2bn (excluding lead manager orders), allowing the issuer to print $1.5bn at 2bp inside price thoughts.
Top five deal scores overall (including top three in euros)
Land NRW €1bn 1.65% Feb 2038
Bank of America Merrill Lynch, Deutsche Bank, JP Morgan, NordLB
EU €1bn 1.25% Apr 2033
UK DMO £2.75bn 0.125% Aug 2048
EIB €2bn 1.125% Apr 2033
Spain €6bn 2.7% Oct 2048
Barclays, BBVA, Citi, HSBC, Santander, Société Générale
Top three dollar deal scores
FMS Wertmanagement $1.5bn 2.75% Mar 2023
Bank of America Merrill Lynch, Barclays, Goldman Sachs, HSBC
Rentenbank $2bn 2.375% Feb 2020
EBRD $1.5bn 2.75% Mar 2023