MuniFin opens year with surprise return to Swiss francs
Finland’s Municipality Finance made an unexpected appearance in Swiss francs on Thursday morning, coming to market with a 10 year bond. Despite pricing through swaps, the deal proved popular with investors and broke a dry spell in international public sector issuance in the currency.
Sole lead Credit Suisse priced the Sfr225m 0.875% February 2023 paper at 4bp through mid-swaps, tightened from guidance set at minus 3bp. The deal was targeted at a minimum size of Sfr150m, and was capped at Sfr225m by the issuer.
The bond is the first international SSA trade
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