Corp Bonds - Swiss franc

Donald Trump's victory in the US presidential election went largely unnoticed in key niche currency bond markets on Wednesday morning. Non-core currency bankers were confident pipelines will remain unchanged in Norway, and Switzerland.

MSC Cruises, the largest European cruise company by number of employees, offered its first public bond to the Swiss market on Thursday. Though bonds from unlisted, private companies can be difficult to sell, a tempting yield and a thorough roadshow encouraged retail investors to hop on board.

Sonova’s voice was heard on Thursday when it offered an age-defining, odds-defying triple tranche whopper to the Swiss market. All of the Sfr760m ($787.2m) paper matures within five years, half of the paper offers negative yields and none of it left Switzerland.

McDonald’s offered a Sfr400m ($413.6m) eight year trade to the Swiss market on Monday, closing the deal with an order book exceeding Sfr1.5bn and tightening pricing by more than the lead managers had expected.

Vodafone issued a Sfr150m bond on Thursday, the largest ever 15 year offering from a triple-B corporate in the Swiss market.

Rhätische Bahn entered the Swiss franc market on Monday for the first time ever with a Sfr200m ($207.6m) nine year and fifteen year dual tranche deal.

Teva completed the final leg of the bond financing for its acquisition of Allergan's generic drugs business on Thursday, issuing a Sfr1bn ($1bn) triple tranche Swiss franc deal.

Swiss franc bond bankers expressed concerns this week that the Swiss National Bank will not be able to halt the rising value of the franc in the face of political uncertainty resulting from the result of the UK's referendum on European Union membership.

The Swiss bond market is due a readjustment after the UK’s vote to leave the European Union on Thursday, market players said.

Swiss franc corporate bond issues from international borrowers have declined in the last month as foreign companies have taken advantage of more stable conditions in the euro and dollar markets, according to syndicate bankers in Switzerland.

Swiss property investor Allreal Holding printed an eight year Swiss franc bond on Tuesday, in a transaction which bankers hope will revive corporate issuance in the currency.

Gazprom printed its Sfr500m bond on Wednesday from a Sfr2bn book, one of the largest ever for an international issuer in the Swiss franc market.