Rating: A1/A (Moody's/Fitch)
Maturity: 18 August 2008
Issue price: 100.02
Coupon: three month Libor plus 2bp
Launch date: Monday 17 July
Payment date: 16 August
Sole mgr: Credit Suisse
This is fully sold to money market funds and banks, the latter's treasuries being in need of repurchase paper for transactions with the Swiss central bank.
The market has been sluggish lately, but these kinds of clients have money that they must put to work as an alternative to just holding cash. We had two lead orders, and after a short pre-marketing process we were able to place the bond.
At this end of the curve — just like at the long end, where there has also been some new issue activity — only a limited number of investors are active and it requires some effort to find them.