Semi-sovereigns seek Swiss sales

Investors are huddling around semi-sovereign issuers this week with five high quality issuers already visiting the Swiss market since last Friday and two more due to print today. Dutch overseas development agency FMO issued a seven and a half year bond at 75bp over mid-swaps last Friday. BNG followed on Monday with a two year and is coming back today with a seven year at 38bp over. Others include Caisse D’Amortissement de la Dette Sociale (Cades) which issued tightly priced dual tranche bonds yesterday and North Rhine Westphalia issuing a 10 year at 22.4bp over. Today, French rail infrastructure manager RFF is selling 12 year debt at 30bp over mid-swaps. Read EuroWeek on Friday to see if the price is right.