Zurich sees shock long dated demand with jumbo Swissie
The Canton of Zurich sold Sfr1.01bn ($1.07bn) of debt on Tuesday across four tranches, selling two, nine, 13 and 25 year bonds. The 25 year bond, brought in response to reverse inquiries, came as a surprise to the bookrunners.
Credit Suisse, Raiffeisen Schweiz, UBS and Zürcher Kantonalbank advised the borrower to issue the two, nine and 13 year tranches in order to fill out gaps in the canton’s maturity profile.
However, the banks also received requests from investors interested in a fourth tranche at the far end
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