Lugano clinches tight pricing as Swiss settle for Christmas
Lugano nipped into the Swiss franc bond market on Tuesday, with its first issuance since Moody’s gave the city its first official credit rating. Lugano will likely be one of the last borrowers to raise Swiss francs this year, as the market enters its quietest month.
Leads Credit Suisse and Raifeissen Schweiz priced the 0.25% December 2027 notes at mid-swaps minus 1bp, to yield 0.23%, which was tighter than Lugano's outstanding Swiss curve.
Asset managers, insurance companies and pension funds bought the bonds.Moody's assigned the city an Aa3 rating in July and awarded the ...
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