Agencies undeterred as Swiss spreads relax
Spreads in Switzerland have relaxed a little from the breathtaking levels of a couple of weeks ago, but quality issuers are still keen to access one of the few bond markets that is consistently open for business. ÖBB Infrastruktur Bau, the network rail company guaranteed by the Republic of Austria, issued its first public Swiss franc bond yesterday while UBS found some traction for its European Investment Bank three year bond, tapping it for Sfr25m, 12bp wider than the launch price on September 26.
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