Quebec makes it into Swiss sub-Libor gang
Quebec returned to Swiss francs on Tuesday with a 10 year trade. Previously popular with Swiss investors for offering an enticing spread over sub-Libor domestic credits, Quebec has now achieved sub-Libor pricing of its own.
BNP Paribas and Deutsche Bank priced the Sfr250m ($269.50m) 1.125% February 2023 paper at 1bp through mid-swaps, in line with guidance at less 1bp area. The minimum target of Sfr150m was increased to size in line with demand.
"Pricing this sub-Libor is particularly pleasing when you look at the
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