Cantonal banks make the most of Pfandbriefzentrale absence

By Frank Jackman
15 Apr 2021

Switzerland's cantonal banks enjoyed an open window this week thanks to Pfandbriefzentrale's extended stint away from the market. Elsewhere, the Canton of Zurich was able to harness the lack of sub-sovereign supply to land at an aggressive level versus govvies.

“There’s a large gap between Pfandbriefzentrale issues, and it seems like a lot of cantonal banks are looking at accessing this window,” said one Zurich-based banker.

Pfandbriefzentrale der Schweizerischen Kantonalbanken, the covered bond funding vehicle for Switzerland’s canton banks, was last active on March 23; it is not ...

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