Tough conditions in Swiss franc market keeps issuance low

Unfavourable movements in the basis swap and further decreases in mid-swap rates dampened issuance in the Swiss franc market this week and halted Compagnie de Financement Foncier’s covered bond tap of its 2017s. Swiss insurer Baloise Holding, however, priced a successful Sfr200m ($238m) note on the back of its rarity value and name recognition.