Swiss Francs

Kantonsspital Graubünden sold a successful debut bond on Thursday, surprising bankers as it slipped in before the summer break.

Macquarie sold its first group level bond in the Swiss franc market on Thursday, harnessing an “astonishing” number of investors to twice increase the size and land inside its euro curve.

The Bank of Nova Scotia’s Chilean subsidiary turned to the Swiss franc for its debut international bond sale on Tuesday, achieving a cost of funding well inside what it could have achieved in the domestic market.

Macquarie announced the mandate on Wednesday for its first group level Swiss franc bond, to be sold in the coming days.

Gazprom ended a three year absence from the Swiss franc market this week by attracting a large amount of retail participation in a Sfr600m ($653.4m) deal that launched at an attractive spread.

Glarner Kantonalbank dipped into the tier two market this week to raise an index eligible bond that may fund the redemption of the additional tier one (AT1) the bank rolled over in December due to coronavirus volatility. GLKB was joined on screens by a flurry of financial activity out of Chile.

Gazprom is set to access the Swiss franc market this week to sell its first trade in the currency for over three years.

A trio of foreign banks tapped an attractive Swiss market this week, finding opportunities to top up their well-advanced funding programmes with a bit of pricing arbitrage.

Intershop Holding hit the market on Wednesday for a Sfr100m ($110.5m) no-grow five year green bond — its first outing in the format.

Santander and Barclays ended multi-year absences from the Swiss franc market to land a pair of senior deals flat to euros this week as funding diversification trumped arbitrage considerations.

A favourable move in the basis swap allowed the Province of Quebec to return to the Swiss franc market after seven years away this week, landing its latest bond at a spread flat to its domestic curve.

Triple-B credit OC Oerlikon achieved a remarkable result on Monday, said bankers, as it issued a Sfr575m three tranche deal, which it will use to fund its acquisition of INglass. It was joined on screens by Pfandbriefbank's smallest deal since 2019.