Paccar joins Swissie debut club
Paccar, the Dutch-American truck producer, became the latest company to launch its first Swiss franc bond — a Sfr100m 1.125% five year note that was priced on Tuesday. With mid-swap rates this week hitting all-time lows since 1997 and domestic buyers hungry for corporate paper, the Swiss franc market remains an ideal source of funding for companies with limited borrowing requirements.
Manager Royal Bank of Scotland did not even have to open books officially for Paccars transaction, as it gathered enough soft orders on Monday to cover Sfr100m a size capped by the borrower.
However, Clemens Durkop, a dealer on Royal Bank of Scotlands Swiss franc syndicate desk,
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