Long tenors and a triple-B enter Swiss market
Long dated taps of public sector bonds and shorter-dated corporate bonds have attracted investors into the Swiss franc market this week. Österreichische Kontrollbank tapped its 2030 bond and the European Investment Bank its 2036 bond at 29bp over and 20bp over mid-swaps, respectively as Swiss rates dropped lower still at the long end. A rare triple-B credit, Unique Zurich Airport, braved the market yesterday (Tuesday) and raised five year Swiss francs at 273bp over mid-swaps. Other corporates are still offering attractive spreads: Vattenfall priced 2011 paper at 160bp over on Friday; Nestlé added more 2013 paper and France Télécom is coming back to tap its 2013 this (Wednesday) afternoon at 170bp over mid-swaps, 5bp tighter than the launch last Tuesday (January 13). Read EuroWeek on Friday for reaction to all these, and many more,deals.
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