ZKB opens Swiss market, BLKB jumps into its slipstream
Zürcher Kantonalbank (ZKB), in accordance with recent tradition, was the first canton off the blocks, opening the Swiss market with a Sfr240m ($246m) 10 year bond on Wednesday. Basellandschaftliche Kantonalbank (BLKB) was quick to follow, printing a Sfr300m nine year bond an hour later. A lack of issuance at the tail end of 2017 has buoyed the market, leaving participants hopeful of additional cash to put to work in the new year.
Lead ZKB opened books for January 2028 bonds with an indicative coupon of 0.375%, and a minimum size of Sfr200m on Wednesday morning, Zurich time. The canton has no bonds expiring in 2028 or 2029.“Our treasury team had a 10 year bond target,” said a banker on ...
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