SWISS FRANCS

摘要

Activity in the last full week of 2014 was muted, with only regular issuer pshypo bringing an upsized long 10-year on Monday. It priced SFr415m of 0.625% March 2025 Series 603 at mid-swaps flat, up from an initial minimum size of SFr300m. At that level, the bonds came at 26bp over the Swiss government curve. With the low yield and coupon and long tenor, the bonds appealed to institutional buyers. The deal most likely marks the last transaction in 2014 in the Swiss market. As usual, bookrunners on the deal were Credit Suisse and UBS, with Raiffeisen Schweiz as joint lead no books. Looking forward, Raiffeisen Schweiz will join the PSHypo lead manager group as full bookrunner (joint lead and joint bookrunner) alongside the two majors from January 2015, confirmed officials at the bank.