Swiss franc market on hold as investors wait for reassurance over peripheral economies

The spread of eurozone panic to Italy this week put the Swiss franc market on hold as investors and issuers waited for clarity from policy-makers on what the future might hold for peripheral economies. Only deals from domestic borrowers or driven by reverse enquiry were priced this week.

  • 15 Jul 2011

Investor demand was even more selective than usual — or else completely absent. "Investors are only looking at familiar high quality borrowers," said the Credit Suisse banker. "All credit products are on hold — even covered bonds would have struggled this week."

The Swiss government bond auction on Wednesday ...

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Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 4,822.01 5 6.78%
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4 Goldman Sachs 3,231.80 5 4.54%
5 Barclays 2,461.72 2 3.46%

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1 HSBC 8,145.87 7 13.12%
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5 JPMorgan 6,097.01 8 9.82%

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1 Barclays 7,351.66 8 10.93%
2 JPMorgan 6,925.07 9 10.29%
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4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.45%

Bookrunners of Global SSA (Excl US Agency)

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1 Citi 14,913.06 34 9.57%
2 JPMorgan 14,450.74 42 9.27%
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4 Deutsche Bank 11,044.38 20 7.08%
5 HSBC 10,585.95 16 6.79%