Switzerland
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Russian gas company Gazprom is roadshowing a possible Swiss franc bond, which would be its first in the currency since the EU and US laid down sanctions on several Russian state-owned companies in 2014. -
Bell, the Swiss meat producer, returned to the Swiss franc bond market with a Sfr300m nine year note on Tuesday, its first issue in the currency since 2013.
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Santander Consumer Finance added to a run of FIG Swiss franc issuance this week, printing just its second bond in the currency.
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The Eurodollar corporate bond market, in limbo for more than a year, coughed back into life today as Nestlé, its stalwart issuer, returned after a long absence for a modestly sized issue.
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Santander Consumer Finance took advantage of relatively stable conditions in the Swiss franc market on Tuesday to print just its second bond in the currency.
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UBS launched the first euro senior bank holding company bond of the year on Thursday, but bankers were divided over the trade’s pricing, as well as whether more could follow.
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Even though the Swiss franc/dollar cross currency swap has been trading in negative territory through January and February, Amgen, the US biotechnology company, made an impressive debut in Swiss francs this week with a seven year bond, the largest in the currency this year.
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UBS launched the first euro senior holdco deal of the year on Thursday and despite the trade’s strong reception and competitive pricing, bankers remain divided over whether more can follow.
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Dutch lender, ABN Amro returned to the Swiss franc market on Friday with a 8.9 year note, making it the third FIG issuer this week to take advantage of arbitrage opportunities in this market.
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Zurich Insurance sold a Sfr200m hybrid bond on Thursday, benefiting from the relative resilience of its home market as Swiss franc investors got their first taste of insurance capital this year.
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Two FIG issuers this week took advantage of good conditions to tap the Swiss franc market, revealing an opportunity for other banks to escape widened euro and dollar spreads.
