Tax change lures Lugano back to Swissies
Domestic names dominated the Swiss franc debt market this week as the threat to Eurozone austerity from France and Greece’s electoral shifts, plus Standard & Poor’s downgrade of Spain to BBB+, drove investors’ risk aversion to a new peak.
Only the highly rated Nordea Bank broke the weeks domestic turn. This brought two municipalities City of Lausanne and City of Lugano plus Zuger Kantonalbank into the market.
Funding costs have become 12bp cheaper for domestic names issuing public Swiss franc bonds since the Federal Council
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