Swiss Francs
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Demand is keen but investors are price-sensitive -
International borrowers back in Swiss francs as long tenors find traction
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Rare green bond from Zug Estates added diversity to this week’s Swissie issuance
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The country is taking an exchange rate risk, but perhaps not a big one
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◆ Swiss engineering group prints two and five year bonds ◆ Shorter leg priced at the tight end of guidance ◆ First Swiss franc deal for Oerlikon since 2023
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Meanwhile, corporate issuers pile in after Roche deal
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◆ Swiss pharma company prints 4.75, 10 and 15 year bonds ◆ Deal size increased to Sfr775m on strong demand ◆ Spreads land 2bp inside the tight end of IPTs on all tranches
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Long tenors shine as US tariffs brushed aside and investors deploy cash ahead of autumn
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◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week
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Internationally focussed borrowers could fare better under higher tariff regime
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German lender finds demand after record-breaking Pfandbriefzentrale deal
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Price advantage and strong treasury demand brings borrowers back for more
