ZKB bucks trend with short floating rate note
Zürcher Kantonalbank brought the first FIG deal in Swiss francs of the year on Thursday morning, with a more conservative deal than observers had expected. The five year floater is a more defensive opening to the year than ZKB’s previous January outings, with long-dated fixed coupon bonds being the norm for the last three years.
ZKB was sole bookrunner on the trade, a Sfr260m ($284.69) January 2018 floater carrying a coupon of 10bp over quarterly Swiss Libor. The paper was sold at par.
The issuer announced the trade with a minimum size of Sfr200m on Monday morning, and sized it to fit demand.
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