Superlatives fly as Swiss funds cry for bonds

Zurich west end with Mobimo tower under construction from Adobe 24Feb20 575x375
By Jon Hay
20 Feb 2020

Intense demand in the Swiss franc bond market for any asset with a positive yield — or even anything yielding more than the penal negative rates on cash — gave a varied group of issuers this week execution that pushed the boundaries — bigger, faster and tighter.

Pfandbriefbank Schweizerische Hypothekarinstitute issued an unusually large bond of Sfr1bn in four tranches on Tuesday and the whole deal was sold out in five minutes.

“To find Sfr1bn in less than five minutes with most of it at negative yield…” said a banker on the deal. “It’s only ...

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