Swiss confectioner Chocoladefabriken Lindt & Spruengli hit all the high notes with its bumper triple trancher in late September. The combination of SME financing, M&A activity, multiple tranches, huge size and rarity ensured that Lindt beat off stiff competition in one of the more interesting years for the market to be IFR's Swiss Franc Bond of the Year. Despite lacking a formal rating and being a quasi-debut name, the company capitalised on its impressive brand recognition to be a "must-buy" for every fund across Switzerland, according to Credit Suisse's Dominique Kunz, managing director of capital markets. The SFr1bn (US$1.03bn) bond issue was a rare acquisition financing trade in the Swiss market, brought to help purchase US candy maker and retailer Russell Stover Candies. The buyout, announced in mid-July, was completed on September 15, with the bond pricings the following week.
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