Swiss surprise from ‘solid and stable’ Deutsche Bahn

A Sfr350m short 10 year tap from Deutsche Bahn brought welcome excitement to the Swiss franc market on Tuesday, after a quiet previous week. Leads Credit Suisse and UBS were surprised by the speed and volume of investor interest — the banks opened books for Sfr200m at around 11.30, closing books just after 13.00 with Sfr350m. There had been little premarketing, as the banks had only been mandated on Tuesday morning.