Novartis trades in flat to Bunds, Swiss retail clamour for rare AAA corporate

Novartis, the Swiss pharmaceutical company, demonstrated its pulling power to investors this week by issuing a Eu1bn 3.75% five year bond at 16bp over the Bobl, or 11bp through mid-swaps — levels that would be the envy of triple-A issuers such as KfW and the EIB.