Swiss Francs

Rhätische Bahn entered the Swiss franc market on Monday for the first time ever with a Sfr200m ($207.6m) nine year and fifteen year dual tranche deal.

The Canton of Ticino tapped a Sfr120m ($122.8m) 0.4% June 2044 bond on Wednesday for Sfr50m. The issuer took advantage of the absence of Swiss government bond auctions this August and a tighter pricing environment since the UK's Brexit vote.

Teva completed the final leg of the bond financing for its acquisition of Allergan's generic drugs business on Thursday, issuing a Sfr1bn ($1bn) triple tranche Swiss franc deal.

The Africa Finance Corp, the private sector-backed West African multilateral development bank, made its debut issue in the Swiss franc bond market on Wednesday.

Pfandbriefzentrale der Schweizerischen Kantonalbanken issued on Tuesday the first ever Swiss franc 10 year bond to be priced with a negative yield by a non-government issuer.

Swiss franc bond bankers expressed concerns this week that the Swiss National Bank will not be able to halt the rising value of the franc in the face of political uncertainty resulting from the result of the UK's referendum on European Union membership.

The Swiss bond market is due a readjustment after the UK’s vote to leave the European Union on Thursday, market players said.

The European Central Bank’s (ECB) decision to include insurance companies in its Corporate Sector Purchase Programme (CSPP), helped JP Morgan’s Sfr200m bond on Friday, allowing undersupplied Swiss investors a chance to buy.

A 10 year deal from JP Morgan on Friday showed US banks are finding more opportunities for Swiss franc funding than their European peers.

Swiss franc corporate bond issues from international borrowers have declined in the last month as foreign companies have taken advantage of more stable conditions in the euro and dollar markets, according to syndicate bankers in Switzerland.

Swiss property investor Allreal Holding printed an eight year Swiss franc bond on Tuesday, in a transaction which bankers hope will revive corporate issuance in the currency.

The Canton of Geneva has printed a 20 year bond with what bankers on and off the deal say is the lowest ever coupon at that tenor for a Swiss public sector issuer.