SWISS FRANCS

摘要

Nant de drance filled in its curve on Monday with a new SFr300m 10-year Swiss franc bond that came with a slim new-issue premium and appealed mainly to fund managers. The proceeds of the transaction will finance the Nant de Drance hydroelectric project. The deal blurs the boundaries between straight corporate debt and project financing, as the hydroelectric installation is not yet complete. Nant de Drance was last in the market in January 2013 with its debut, a dual-tranche eight- and 15-year deal. The SFr250m 1.5% February 2021s came at mid-swaps plus 67bp and the SFr300m 2.375% February 2028s at mid-swaps plus 103bp. Those bonds were quoted at around mid-swaps plus 50bp and plus 75bp ahead of the new issue, in fairly illiquid markets.