Corp Bonds - Swiss franc
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Hiag Immobilien, the Swiss property developer, reopened the Swiss franc bond market on Wednesday after three weeks without a new issue. The market's drought has allowed Swiss property firms an easy ride in bond markets in 2017. -
Basis swap levels, which have deprived Swiss bond investors of international corporate supply for much of the last year have improved sharply. But issuers are still keeping away with wider spreads to blame.
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Swiss Prime Site, LGT Bank and the City of Zurich took advantage of a quiet market, placing Swiss franc bonds with domestic investors before Easter holidays.
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Swiss Prime Site, the Olten-headquartered property company, was gifted the full attention of the Swiss market on Tuesday, offering a nine year bond with a healthy new issue premium.
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Temenos, a Genevese vendor of banking software, offered retail investors its fourth Swiss bond on Monday.
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Swiss healthcare firm Roche returned to its native market on Wednesday with a Sfr1.5bn ($1.49bn) triple tranche trade in the largest ‘Matterhorn’ — a deal of Sfr1bn or more — since its last outing in 2012.
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Aduno, the non-cash payments firm owned by Swiss banks, sold a rare Sfr100m ($100.78m) floating rate note on Tuesday. As the Swiss National Bank’s (SNB’s) deposit rates are at minus 0.75%, the Zurich-based firm could capitalise on money market investors’ need to work cash rather than store it.
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SGS, the A3 rated testing and inspection company, offered a nine year bond to a Swiss market in search of corporate paper this week. Books were open for just 45 minutes before the Sfr375m ($378m) maximum mandated size was reached.
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Swiss listed property company Zug Estates offered a Sfr100m ($100m) five year bond to Swiss investors on Tuesday. While the order book for the triple-B notes was oversubscribed , investors were firm in their preference for tenor.
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The Swiss market shed roughly Sfr3bn ($2.93bn) of foreign issuance this year from last year. Expensive basis swaps and cheap funding for investment grade borrowers in euros and dollars drew foreign issuers away. But, if global rates rise next year, the foreign borrowers will return, Swiss bankers say.
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Swiss telecoms company Swisscom took domestic investors on a trip down negative lane on Wednesday as it printed a Sfr200m ($197.5m) eleven year note with a 9bp negative new issue premium.
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