Pfandbriefzentrale over swaps, but tight to govvies

Pfandbriefzentrale der schweizerischen Kantonalbanken issued a Sfr450m dual tranche transaction this (Wednesday) morning. The first tranche was a Sfr235m three year bond at 4bp over mid-swaps, the second a Sfr215 seven year priced at 9bp over.