ASB Bank capitalises on high rating with Swiss deal
ASB Bank, the New Zealand subsidiary of Commonwealth Bank of Australia, sold five year Swiss franc debt on Monday, taking advantage of a scarcity of issuance from high grade financials in the currency.
Sole lead Credit Suisse priced the Sfr200m ($208.9m) 0.875% June 2019 paper at 30bp over mid-swaps, in line with guidance at the 30bp area. The issuer targeted a Sfr150m deal, but increased the size to match demand.
ASBs Sfr150m 2.125% November 2016 paper its only other senior unsecured
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