SWISS FRANCS

摘要

Despite the volatility of the week, high-quality defensive deals were able to get done in the Swiss market. Land niederoesterreich returned late in the week with a good-sized five-year, its first visit to the market in more than eight months. The Austrian region, rated Aa1 by Moody's, hired Credit Suisse as sole lead for the deal. Books opened on Friday morning, with the deal pricing around midday as a SFr175m 0.2% August 2020 at 100.149 for a 0.17% yield. This was equivalent to mid-swaps plus 44bp, or Swiss governments plus 70.9bp. Banks took the largest portion by a whisker with 40%, closely followed by pension funds with 37%, asset managers 18%, insurers 1%, retail and private banks 1% and other institutions 3%.