Gazprombank delays Swissies but EM hope lives on in Zurich
Gazprombank postponed a tier two Swiss franc bond on Thursday with investor appetite lacking in light of a volatile market stemming from political turmoil in Portugal and Egypt. Coupled with rising interest rates that increased the appeal of high grade developed market credits in Swiss francs, questions abound over whether the Swiss franc’s emerging market revolution might be beginning to slow.
However, while Gazprombank may have failed, the perception in Zurich is that the issuer was simply overeager in trying to bring an unusual structure in a very shaky market rather than victim to a shift in investor sentiment over emerging market borrowers.
“I don’t think emerging market names
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