Safety in Switzerland as EBN defies volatility

The Swiss franc bond market lived up to its reputation for stability this week as Energie Beheer Nederland cut a path through a turbulent market to issue a Sfr325m ten year bond on Wednesday. Bookrunners Deutsche Bank, Royal Bank of Scotland and UBS priced the issue at the guidance level of 10bp through mid-swaps, despite a 5bp drop in the Swiss franc swap rate at the close of business on Tuesday.