SWISS FRANCS

摘要

Infrequent issuer bank j safra sarasin upsized a six-year deal in the middle of last week. After a quick soft-sounding in the mid-swaps plus 42bp-47bp area, books opened for a SFr150m minimum domestic public bond at the tight end, mid-swaps plus 42bp area, with an expected 1% coupon. Sole bookrunner UBS, with Sarasin as joint lead no books, hosted presentations on Tuesday in Basel, Geneva and Zurich. Following positive feedback from attendees and buoyed by the reception of the Valiant Bank deal on Monday, which showed the solid bid for domestic bank paper, they decided to pull the trigger the next day. It priced later in the day in line with guidance. Around 25 accounts took part for an average SFr8m ticket size. Asset managers managed to scrape a small majority take with 51%, followed by insurers with 19%, private banks 15%, pension funds 10% and bank treasuries 5%.