Switzerland

An air of despondency settled over the Swiss franc bond market this week, after last week showed promise, with five varied and well executed deals in testing market conditions. However, a domestic issue for Pfandbriefzentrale der Schweizerischen Kantonalbanken lit up the market with the largest deal of the month.

Pfandbriefbank Schweizerischer Hypothekarinstitute - the Pfandbrief-issuing bank for the non-cantonal banks in Switzerland - made its largest single visit to the market on Tuesday. The Sfr1.15bn (Eu709m) multi-tranche domestic deal featured a broad range of maturities in an attempt to capture the attention of the full spectrum of investors after the issuer received regulatory approval for it shortest maturity to date.