European SSA returns to Swiss market amid basis swap move
Nederlandse Waterschapsbank has become the first European SSA to print in the Swiss market since 2015, citing a favourable move in the euro/Swiss franc basis swap as a reason for the return.
Lead ZKB used NWB’s existing Swiss curve to find fair value. The new 0.625% August 2037 bond was priced at minus 12bp over mid-swaps on Tuesday, with a final size of Sfr110m ($114.7m).“The spread [to swaps] is clearly tight but I assume investors had maturity and yield ...
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