Baloise tests new lows

Domestic borrowers led Swiss franc issuance this week. On Monday, the multi-line insurance company Baloise Holding (rated A- by Standard & Poor’s) returned to the market for the first time since January, with a three-tranche Sfr425m ($432.7m) trade led by Credit Suisse and UBS. Before this issue, its largest outstanding bond in the Swiss market was its Sfr300m 2.875% 10 year trade maturing in 2020.