DZ Bank ended a lull in Swiss franc bond issuance on Wednesday, selling a 10 year tier two deal. Zurich based syndicate bankers expect that August will be quiet aside from sporadic activity from frequent issuers, but DZ Bank was willing to respond to reverse inquiry to the lead manager.
Sole lead Deutsche Bank priced the Sfr120m ($129.4m) 3.238% August 2023 paper at 172bp over mid-swaps.
“I don’t think it’s a secret that it was reverse enquiry driven,” said a syndicate banker away from the deal. “DZ Bank doesn’t have too much outstanding in Swiss francs, but the