Swiss market off the starting block

Six Swiss franc bonds have been issued since Monday, including one by Commonwealth Bank of Australia, the first Australian government guaranteed bank bond in the Swiss market. Others in the market included Kommunalbanken, which raised Sfr250m for eight and half years at 38bp over mid-swaps after an absence of more than two years from the currency. The province of Québec returned yesterday (Tuesday) after its six year issue in October with a dual tranche maturing in December 2015 and 2018 at 85bp and 110bp over mid-swaps. Other names that visited at the end of last year have also returned: Bank Nederlandse Gemeenten, Svensk Exportkredit and Kommuninvest. Meanwhile, Sanofi, Nestlé and Toyota as well as a US name are lining up to print this afternoon.