Rating: Aaa/AAA/AAA
Amount: Sfr200m (increase. New total Sfr725m)
Maturity: 19 February 2013
Issue price: 100.828
Coupon: 2.5%
Spread at re-offer: 95bp over mid-swaps
Launched: Tuesday 3 February
Payment date: 19 February
Joint books: Credit Suisse, Sarasin, UBS
Bookrunner’s comment:
We first did Sfr400m, which was a positive surprise for everyone, including the issuer. Then we increased it by Sfr125m, and this week we started at Sfr75m, and I thought, fine; that’s an okay amount. But we went up to Sfr200m.
A triple-A at plus 95bp is not bad — as long as it remains triple-A. I think this will be the last increase of this deal.