ICO back to Swiss market — but paying up

June 30, 2010 12:00 AM

Spain’s Instituto de Credito Oficial printed 2012s in Swiss francs at 46bp through swaps, in October 2008. Now it is tapping the deal, and paying 170bp over. “In difficult times, sometimes it’s best to do something unusual,” said a Swiss syndicate banker. “It’s a challenging project, but we thought it had a chance.” Read EuroWeek on Friday for more comment and analysis.

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