Maturity: 9 December 2015
Issue price: 100.73
Launch date: Wednesday 2 November
Payment date: 9 December
Joint books: ABN Amro, Basler Kantonalbank
The deal went well after being priced at mid-swaps minus 10bp. It is the first listed public Pfandbrief issue in Switzerland and has been warmly received by investors.
The covered market is popular in Switzerland and I would not be surprised if this borrower becomes a regular issuer in this market.
The covered bond for Hypo Alpe-Adria-Bank was announced this week. It will be the first Austrian covered issue in the Swiss franc market.
"...this was not really welcomed. All the investors we have spoken to say that it is priced too expensively and it has no sex appeal."
"...it does seem to be a little bit pricey, but there has been little else this week and they seem to have got away with it."