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BondMarker: KfW tops week of strong trades

By Craig McGlashan
12 Nov 2018

KfW’s €5bn November 2023 was the standout performer in a week of trades — from Erste Abwicklungsanstalt, Oesterreichische Kontrollbank and Swedish Export Credit Corp — that BondMarker voters rated highly.

KfW’s trade — the only euro deal of the week commencing October 29 — scored an overall average of 8.13, the highest score in any currency since Spain’s 8.15 for a €4bn 15 year inflation linker on September 11.

On-looking SSA bankers said at the time that the deal was “an amazing trade”.

No deal in any currency had scored more than 8.0 since Dexia Crédit Local’s 8.05 for a $1.5bn five year on September 18, in keeping with banker and issuer comments that the market has become more difficult over the last few weeks.

KfW scored particularly highly for structure/maturity (8.50) and quality of the investor distribution (8.38).

The other SSA deals that week all came in short dated dollars and took average scores in the 7.0 range.

EAA’s $1bn three year scored an average of 7.53, with voters rating the quality of the investor distribution particularly highly at 8.33.

The issuer said at the time of pricing that it was EAA’s “best deal in terms of the distribution”.

OeKB’s $1bn five year polled an average of 7.70, with pricing and investor distribution tied for the top category at 7.88.

“There was good demand, the book came out pretty well, they tightened, the pricing was decent and so were the investor stats,” said one on-looking banker of the deal.

SEK’s $1bn three year took the lowest average of the week on 7.20.

EFSF’s €4bn January 2024, Rentenbank’s $1.25bn November 2023 and Land NRW’s €1bn November 2028 from last week are available to score on BondMarker until 6pm on Thursday.

181112 SSA bondmarker results

By Craig McGlashan
12 Nov 2018