Ontario returns to Swissies after four years away
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” ...