As spreads on public sector bonds surged wider last week, investors in the Swiss franc market appear to have been experiencing irrational cravings — for chocolate. Nestlé’s recent three year issue is trading at its tightest ever levels, making it more expensive even than similar European Investment Bank, KfW and World Bank deals.
Panicky trading in many financial instruments has led to some perverse and anomalous situations over recent weeks, such as the negative US dollar swap spreads seen last week and the 146% spike in Volkswagens share price yesterday.
The normally placid Swiss franc bond market is now moving in a
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