EFG refills its coffers with Swiss franc tier two

18 Jan 2013

EFG International came to market on Wednesday with a Swiss franc tier two deal, looking to replace the tier two debt that was taken out through a buyback offer earlier this month. The Basel III compliant paper proved attractive, offering a high yield from an investment grade issuer.

BNP Paribas and UBS priced the Sfr180m ($193m) 4.75% January 2023 tier two paper at 436bp over mid-swaps. The paper was marketed on a coupon basis during soft sounding, with initial price thoughts of 4.75%-5.00%. Strong interest meant that the leads were able to open books with guidance ...

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