Opportunity for arbitrage leads to rare Goldman Swiss franc deal
Goldman Sachs made a rare appearance in the Swiss franc market on Wednesday afternoon, leveraging its rarity value in the currency and strong name recognition to cut its cost of funding compared to dollars and euros.
It looks like theres decent arbitrage there compared to euros and dollars, said a syndicate manager away from the trade. They probably shaved off between 25bp and 30bp by issuing in Swiss francs.
Credit Suisse and Goldman Sachs priced the Sfr250m ($264.3) 1.5% November 2018 bond at 110bp over
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