Early bird ZKB returns to market, lower-rated borrowers set to follow
Zürcher Kantonalbank priced its second deal of the week on Friday morning, an 11 year fixed rate bond. The deal follows the floating rate note it sold on Thursday and rounds off a good opening week for triple-A rated issuance in Swiss francs, although an expensive basis swap means that the trend is not expected to continue.
ZKB priced the self-led Sfr125m ($135.7m) 1.125% January 2024 trade at 3bp over mid-swaps on Friday morning, in line with the 3bp area guidance. The issuer was targeting a minimum size of Sfr100m, and sized the deal to match the book.ZKB has priced a long-dated fixed rate transaction ...
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