Basis brings corporate charge back into Sfr
A shift in the franc/euro basis swap and investors’ strong appetite for non-financial credits brought corporate supply back to the Swiss debt market this week. Investors snapped up new issues from borrowers as diverse as BMW, Korea Gas and Nobel Biocare.
The Swiss National Banks decision to set a minimum exchange rate of Sfr1.20 a euro last Tuesday reversed swap rates downward trend. This had moved the basis swap by 17bp in Swiss franc receivers favour by Monday.
Stronger equity markets also helped. "This week has seen friendlier markets, which
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