CAF captures scarce Swiss SSA demand

Ever since Swiss swap rates reached rock bottom, SSAs have struggled to make it in this market, selling small deals on reverse enquiry and fighting a harsh basis to euros and dollars. But Corporación Andina de Fomento overturned this state of affairs with a Sfr250m deal this week, with the issuer tightening its reoffer spread but still pricing a bond big enough for the Liquid Swiss Index. Read EuroWeek on Friday to find out what’s so special about the Andean borrower.