Reliable Sberbank catches follow-on Swiss franc interest
Sberbank launched a tap of four year Swiss franc debt on Monday morning, responding to interest from private bank accounts. Further demand was spurred on by Swiss investors’ perception of Sberbank as one of the more stable emerging market credits in Swiss francs.
Investors value reliability, said a syndicate manager close to the trade. While Sberbank may price tightly for an emerging market credit, you know when you buy it that the spread isnt going to widen dramatically. Therell be a little volatility, but its a reliable credit and investors value
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