Abbey gets back into the Swissie habit with Sfr300m 3yr

Abbey National Treasury Services returned to the Swiss franc market on Tuesday, ending a three year absence from a market in which it was once a frequent issuer. Bookrunners Credit Suisse and UBS priced a Sfr300m three year deal at 125bp over mid-swaps, and built the deal up from a Sfr150m minimum. The price was in line with CDS on Abbey’s euro issues, but the deal has tightened at least 15bp since launch.