Corp Bonds - Swiss franc

Syngenta, the agricultural chemical and seed company, returned to the Swiss franc market this week for its second Swissie bond of the year — a blowout three year deal that surpassed the market’s expectations.

Africa Finance Corporation (AFC), the pan-African development finance institution, has held investor calls ahead of its first green bond issue that Swiss franc bankers expect to launch next week.

Swisscom raised Sfr100m ($110m) on Thursday with an 11 year bond sold without the involvement of an intermediary bank. The company worked with Swiss fintech company Valyo to issue the bond through its platform that directly connects issuers and investors.

Chocoladefabriken Lindt & Sprüngli sold the week’s tastiest Swiss franc deal when it returned to the market on Tuesday to refinance an upcoming Sfr500m ($549.8m) redemption.

Crédit Agricole’s Swiss subsidiary sold its first structured covered bond in Swiss francs on Wednesday. The bond was issued under a new programme that differentiates it from covered bonds issued by its parent bank under French law in the Swiss market.

Latin American development bank Corporación Andina de Fomento (CAF) issued Sfr350m ($382m) of five year paper on Monday with its first green bond in the Swiss franc market. Primary issuance in Swiss bonds has been slim over the past few weeks, though there are signs of a pick up through the rest of August.

Despite the coronavirus crisis and uncertainty about the November US election, the Swiss franc market is feeling optimistic for the second half of the year, expecting a strong run of issuance until late autumn.

The Swiss franc market is having a busy year, with a strong showing from corporate and SSA issuers helping the market to its highest year to date volume since 2015, according to Dealogic.

Pharmaceutical manufacturer Ferring launched its first public bond on Thursday. The sector's prominent role during the coronavirus pandemic helped to drive up demand.

Pharmaceutical company Ferring is preparing to launch its first public bond, having mandated banks on Monday to lead investor calls ahead of a potential Swiss franc trade.

Hyundai pulled into the Swiss franc bond market this week with a three-year green deal that was priced with a substantial new issue premium (NIP). Elsewhere, nuclear energy provider AKEB sold one of the highest yielding bonds of recent weeks.

A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.