ZKB

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.

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.

Flughafen Zürich sold its first deal this week since it lost its double-A rating in July, finding the opportunity to price a Sfr200m bond at an “aggressive” level.

The green bond market is set to grow in Swiss francs, as domestic investors turn towards the product. This week, Swiss Prime Site, a local real estate developer, made use of this demand to sell one of the largest Swissie real estate bonds in over six years.

Ford shrugged off its loss of investment grade status to return to the Swiss franc market this week after a 19 year absence to print a three year deal targeted at private bank investors.

French agency Caisse des Dépôts et Consignations finished its 2020 syndicated funding programme with a visit to the Swiss market this week, printing an extremely tight deal through the high quality domestic covered bond curve.

Raiffeisen Schweiz brought a rare Swiss bail-inable bond to the market on Thursday, issuing Sfr325m ($358.3m) across two tranches to help replenish its capital structure.

Givaudan and Nant de Drance attracted big order books this week, driven by demand from asset managers, allowing both to price Swiss franc bonds through fair value.

Raiffeisen Schweiz surpassed expectations with a self-led additional tier one (AT1) deal on Wednesday, printing Sfr525m ($572.4m) after finding strong international demand.

Syngenta, the agricultural chemical and seed company, returned to the Swiss franc market this week for its second Swissie bond of the year — a blowout three year deal that surpassed the market’s expectations.

Africa Finance Corporation (AFC), the pan-African development finance institution, has held investor calls ahead of its first green bond issue that Swiss franc bankers expect to launch next week.