NatWest, Banorte and Glencore tempt Swiss investors with positive yields

By GlobalCapital
21 Aug 2019

The summer’s long drought in international issuance in Swiss francs ended with a flourish this week. A cluster of well-received transactions were priced on Tuesday and Wednesday, all of them offering positive yields and warmly welcomed by an investor base increasingly frustrated by a diet of negative-yielding issues in the domestic market.

The larger of Tuesday’s trades was a Sfr350m ($356.2m) four year issue for NatWest Markets (Baa2/A-/A), the wholesale capital markets business of Royal Bank of Scotland. Joint lead managers UBS and NatWest sounded out investors for a transaction on Monday with a minimum size of Sfr200m, with price ...

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