Poland in Swissies after two year absence

Poland made a rare visit to the Swiss franc market this week, printing a seven year bond — its first issue in the currency since 2012 — that offered no concession to its Swiss franc curve. Despite this, bankers are not preparing for a rush of sovereign, supranational or agency issuance in the currency in the coming weeks as issuers can fund at very attractive levels in euros and moves in the euro/Swiss franc basis swap are stymieing issuance opportunities for euro-funders.