No longer niche — corporates are the new alternative

Over the last 18 months, more and more international corporates have discovered the attraction of the Swiss franc bond market, with many borrowers tapping the sector for the first time. High yield borrowers have found that they have access to the market, while last October German utility RWE became the first international corporate name to issue a hybrid capital transaction in Swiss francs. But does the market remain a niche funding pool, to be used only infrequently by borrowers to top up their borrowings in other currencies, or have Swiss francs become a core financing tool for international corporate borrowers? EuroWeek gathered together some of the leading dealers and borrowers to discuss the opportunities.