Swiss Francs

The rally in Swiss fixed income over the last year allowed Geneva Airport to price a new 10 year deal this week 70bp tighter than where it printed a three year deal last April.

A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.

KommuneKredit dropped into the Swiss franc market on Tuesday to make its first appearance in the currency since June 2015.

Fonplata, the South American supranational development bank, raised Sfr200m of 5.5-year bonds in the Swiss franc market on Wednesday, increasing the size of the deal from an initially planned Sfr150m. Alongside this, a clutch of domestic borrowers also tapped the market this week.

Fonplata, the South American supranational development bank, raised Sfr200m ($222m) of 5.5-year bonds in the Swiss franc market on Wednesday, increasing the size of the deal from an initially planned Sfr150m.

First Abu Dhabi Bank issued a Sfr260m ($293m) six year bond this week, the first Swiss franc green bond from the Middle East.

Swiss franc bond investors are pursuing high quality issues, with Münchener Hypothekenbank harnessing this demand to price a tap of its green preferred senior bond 12bp through fair value this week.

Société Générale dropped into the Swiss market for the first time since last February to print a new bail-inable note on Friday.

After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.

Raiffeisen Schweiz kicked off its 2021 funding year with an opportunistic Swiss franc dual tranche bail-in bond on Wednesday, landing about 10bp tighter than where it debuted last October.

Foreign central bank action sparked arbitrage opportunities in Swiss francs to shrink in 2020, so investors took a more domestic approach. As foreign issuance dries up, so too do Swissie mandates for international desks. Frank Jackman reports.

The Swiss National Bank said it is “willing” to increase the scope of its foreign exchange interventions to keep the Swiss franc’s value down, despite the US Treasury labelling it a ‘currency manipulator’ this week.