SWISS FRANCS

摘要

Two Single A rated French banks took advantage of investor appetite for higher yields in the very low rate environment of Switzerland late week. Investors have been on the hunt for more spread as prevailing rates have ground lower, and after a glut of Double A rated bank paper in the first quarter from the likes of Nordea, Rabobank and RBC, to name a few. The usual way to achieve this is to go further out in duration or down the credit curve. Credit Agricole and BPCE both fitted the bill with respective long six and seven-year senior deals. Five-year paper has been done to death already this year and the flexibility of Swiss investors and issuers in the franc allowed the deals to take advantage of a very steep part of the curve to achieve more buyer-friendly yields.