First Swiss hospital bond sold, more coming
Spitalverband Limmattal, a hospital in the canton of Zurich, sold the first public bond from a Swiss hospital on Thursday. Syndicate bankers said the 10 year deal presaged further issuance from similar issuers, as changes to Swiss law are encouraging hospitals to tap the capital markets.
Swiss law changed in January 2012, making hospitals responsible for their own financing. The institutions can no longer rely on municipalities or cantonal governments to cover deficits in their accounts.
“Issuance from domestic hospitals is likely to grow quickly,” said Andreas Tocchio, syndicate manager at UBS. “Hospitals have growing
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