Just the job! Adecco given welcome on return
Adecco, the Swiss recruitment and employment agency, was the latest corporate to return to the Swiss franc market as on Monday it took advantage of domestic investors’ bid for the asset class and priced its first plain vanilla Swiss franc bond for 15 years — a Sfr350m 2.125% four year note.
Lead managers BNP Paribas, Credit Suisse and UBS cut allocations to reach Sfr350m a size capped by the borrower.
"It is impressive that a triple-B name managed to take out this size with a single tranche," said André Schmid, head of Swiss franc syndicate at Credit Suisse.
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