Euro SSAs return to Swiss market amid basis swap move

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By Silas Brown
27 Jul 2017

Nederlandse Waterschapsbank this week became the first European SSA to print in the Swiss franc market since 2015, followed by Municipality Finance two days later. Favourable moves in the euro/Swiss franc basis, alongside rising Swiss interest rates, opened a window for old borrowers to return.

Since the middle of May, the euro/Swiss franc basis swap has improved by some 15bp from a European funder’s perspective, said a banker on MuniFin’s deal.

“This is because of several factors — we’ve seen the Swiss franc weaken against the euro, which means less pressure on rates,” ...

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