Starved Swiss swoop on OKB despite squeeze
A lack of competing supply and some Sfr1bn of redemptions allowed Oesterreichische Kontrollbank (OKB) to tap its recent September 2021 bonds for more than originally planned this week. Despite pricing flat to its curve, the Austrian export credit agency added Sfr200m to the 1% deal, having originally targeted a Sfr100m trade.
Credit Suisse and UBS priced the new paper at 18bp over mid-swaps on Monday afternoon, in line with the initial guidance of 18bp.
OKB exploited a lack of international Swiss franc deals from SSA issuers since the summer. The lack of supply has been largely due to an
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