Swiss market hopes for better days in Q3 after Greek vote
Attention is focused on next week’s deal pipeline in the Swiss franc market, with three small covered bond issues the only trades priced this week. Bankers expect improved sentiment to bring more issuers to Swiss francs after investors’ eyes turn back away from their recent focus on Greece and the EU. Meanwhile, the end of the quarter meant fund managers were running into line limits and instead preparing for the next investment period.
There were three trades this week: Sfr100m three year FRN deals from BayernLB and Erste Bank, and a Sfr175m short 10 year from CRH. BayernLB came at 23bp over Libor, with UBS as sole lead, and Erste Group came at 30bp over, with Credit Suisse as sole lead.
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