Goldman's ‘clever timing’ generates volume in Swiss market

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By Silas Brown
17 Aug 2017

Goldman Sachs opened the Swiss market in the middle of the summer holidays on Thursday, selling the largest US financial Swiss franc bond in the last two years — a consequence, bankers said, of clever timing from a respected name.

Goldman entered the Swiss market in February, selling Sfr275m ($284.9m) worth of 0.55% September 2021 bonds. This was used as a pricing comparable, trading at mid-swaps plus 30bp before pricing, as well as Swiss franc trades from financials Citi, Crédit Agricole and Wells Fargo.

"There was 8bp-10bp new issue ...

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