Ontario returns to Swissies after four years away

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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