Swiss Francs
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In the looking-glass world of Swiss franc bonds, unrated companies and Austrian banks have issued at negative yields, writes Silas Brown. Starved of return, Swiss investors will look at a broader range of foreign and even high yield paper than ever before. -
The Swiss market shed roughly Sfr3bn ($2.93bn) of foreign issuance this year from last year. Expensive basis swaps and cheap funding for investment grade borrowers in euros and dollars drew foreign issuers away. But, if global rates rise next year, the foreign borrowers will return, Swiss bankers say.
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Swiss telecoms company Swisscom took domestic investors on a trip down negative lane on Wednesday as it printed a Sfr200m ($197.5m) eleven year note with a 9bp negative new issue premium.
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Gazprom showed up in the Swiss franc bond market on Wednesday attracting enough Russian buyers to help it pay its lowest ever coupon in the currency. The energy company gathered a wide variety of investors, from Switzerland and Russia, retail and institutions, for the deal.
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Gazprom gave convincing evidence that lightning can strike twice on Wednesday, offering its second bond to the Swiss franc market in the past eight months. The bond attracted heavy international interest –– a rarity in the market this year.
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Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm this week as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market, as well as pocketing Sfr125m ($125m) from a clutch of Swiss investors.
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Gazprom has mandated Deutsche Bank, Gazprombank, UBS and VTB Capital to act as joint lead managers for a Swiss franc bond set to come to market later this month.
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Banco Santander Chile has responded to a reverse enquiry by printing a Sfr125m ($125m) May 2025 bond. Riding off Chilean reputation in the Swiss market, and a scarcity of LatAm offerings this year, the lead managers kept the tickets tightly priced.
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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.
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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.
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The Province of New Brunswick on Friday broke Canadian sub-sovereigns' silence in the Swiss market, printing well above its minimum size target despite choppy conditions.
