SWISS FRANCS

摘要

Bnp paribas returned to the Swiss market on Tuesday with its first deal in the currency since 2012, taking advantage of the appetite for yield to sell a self-led 10-year bullet Tier 2. Following a soft-sound at mid-swaps plus 130bp-135bp, books opened in the middle of the range at the plus 133bp area for a SFrlOOm size. BNP was last in the markets with a €1.5bn 10-year bullet Tier 2 in February, which priced at mid-swaps plus 170bp and was bid at 172bp on Tuesday morning, equivalent to Swiss swaps plus 150bp. That left what a syndicate manager called "quite a nice arbitrage" for the new Swiss trade, although obviously for a much smaller size.