European SSA returns to Swiss market amid basis swap move

By Silas Brown
26 Jul 2017

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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