Ontario returns to Swissies after four years away

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By Frank Jackman
22 Apr 2021

The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.

The Canadian borrower sold a Sfr250m ($272.4m) 0.05% May 2033 note through Credit Suisse on Wednesday.

The final spread was at mid-swaps minus 8bp, in line with the initial price thoughts.

“Figuring out fair value is a little difficult, given they only have one Swiss bond outstanding” ...

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