FirstRand takes quick Swiss tap

South African Flag 230x150
By Nathan Collins
08 May 2014

South Africa's FirstRand Bank made its Swiss franc debut on Tuesday afternoon, becoming the second issuer from the country to tap the market in recent years. The investor bid was strong enough for the issuer to follow up with a swift increase the day after pricing.

Credit Suisse and UBS priced the Sfr140m ($160m) five year bonds at 99.765 with a spread of 165bp over mid-swaps, in line with guidance of 165bp area. The issuer had targeted a minimum Sfr100m print.

Demand for the deal allowed the leads to increase the bond by Sfr20m ...

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