Westpac NZ reopens silent Swissie market
Westpac New Zealand broke more than a month of silence from international issuers in the Swiss franc market on Tuesday, selling a new six year print. The deal was priced around flat to outstanding paper, with investors starved of primary and secondary supply willing to take the aggressive level.
Sole lead UBS priced the Sfr200m ($220.2m) six year bonds at 25bp over mid-swaps, in line with guidance of 25bp area.
The deal grew from a minimum size of Sfr150m.“The focus was on price over size,” said a syndicate manager involved in the trade. “There’s been an ...