Swiss pricing begins to look haphazard
A clutch of German names crowded into the Swiss market this week, which also hosted the first Danish guaranteed bank bonds. North Rhine Westphalia issued five and a half years at plus 25bp, L-Bank sold a short two year at plus 25bp and Rentenbank printed nine years at plus 20.5bp. Meanwhile, Svensk Exportkredit’s nine year came at 65bp over mid-swaps and L-Bank is coming back this afternoon to increase Monday’s deal 2bp or so tighter. Nykredit became the first Danish guaranteed bank to come to the Swiss market yesterday (Tuesday) with a Sfr150m August 2010 bond organised by HVB (Unicredit Group) and UBS, while Société Nationale Des Chemins De Fer France (SNCF) raised Sfr200m for 10 years via Credit Suisse.
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