Swiss Life takes second zero coupon CB
Investor demand for rare Swiss franc denominated equity linked paper allowed Swiss Life to price a convertible bond with a 0% coupon, only the second in Europe since the financial crisis.
While the pricing on the Sfr500m ($546.1m) seven non call four year deal was not generous —especially given it includes a €4.50 dividend — investors flocked to the transaction and there were between 250 and 300 orders.
“Swiss paper is very patchy in the market — there
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