Corp Bonds - Swiss franc
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Zurich-based syndicate heads entered the new year cautiously optimistic about the outlook for Swiss franc bond issuance in 2019. -
As central banks retreat from public markets, spreads are widening in dollars and euros, and cross-currency basis swaps are improving for international borrowers, Swiss bankers believe the good times might be returning to a market once known the world over for diversification and arbitrage.
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Kazakhstan Temir Zholy (KTZ), the Kazakh state-owned rail company, sold Sfr150m five year Swiss franc bonds on Tuesday, in choppy market conditions.
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The Swiss Exchange (SIX) is calling on Swiss franc bond investors to register on Deal Pool, a new digital platform due to launch in the next few weeks.
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Daimler International Finance returned to the Swiss franc bond market on Wednesday, selling Sfr400m worth of four and seven year bonds.
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Sulzer sold Sfr460m ($470.6m) of Swiss franc bonds on Thursday, just months after the Swiss maker of industrial machinery raised Sfr400m across two and five years. This makes it the largest triple-B issuer of Swiss franc bonds so far this year.
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Telecoms company Swisscom offered the Swiss franc bond market 10 year paper on Monday.
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Glencore financial entered the Swiss franc bond market on Thursday, raising Sfr175m with a six year bond. The deal was smaller than previous issues in the currency from the Anglo-Swiss commodities company, but was inside dollar funding levels.
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Credit Suisse has for decades called first place in Swiss franc bonds its own. But as the fourth quarter approaches, arch-rival UBS is defending a potentially insurmountable lead over its sparring partner, thanks largely to its success bringing Canadian and Korean borrowers to the market this year.
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Swiss healthcare company Roche took advantage of upcoming redemptions and a new investor base following its rating upgrade by Moody’s, to raise CHF900m ($922m) from a dual tranche offering.
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Korea Water Resources (K-Water) has issued a Sfr200m five year Swiss franc bond, confirming South Korea as the biggest source of foreign bond issuance in the currency.
