ZKB

Order books were open for all of 10 minutes as the City of Zurich benefited from a scarcity of municipal activity to find Sfr100m ($99.5m) in a 20 year no-grow deal.

Swiss Prime Site, the Olten-headquartered property company, was gifted the full attention of the Swiss market on Tuesday, offering a nine year bond with a healthy new issue premium.

SGS, the A3 rated testing and inspection company, offered a nine year bond to a Swiss market in search of corporate paper this week. Books were open for just 45 minutes before the Sfr375m ($378m) maximum mandated size was reached.

Zürcher Kantonal Bank became the first Swissie issuer to print in 2017. The cantonal bank kicked off the new year with a Sfr260m ($253.4m) nine year deal.

In the looking-glass world of Swiss franc bonds, unrated companies and Austrian banks have issued at negative yields, writes Silas Brown. Starved of return, Swiss investors will look at a broader range of foreign and even high yield paper than ever before.

Swiss telecoms company Swisscom took domestic investors on a trip down negative lane on Wednesday as it printed a Sfr200m ($197.5m) eleven year note with a 9bp negative new issue premium.

MSC Cruises, the largest European cruise company by number of employees, offered its first public bond to the Swiss market on Thursday. Though bonds from unlisted, private companies can be difficult to sell, a tempting yield and a thorough roadshow encouraged retail investors to hop on board.

Sonova’s voice was heard on Thursday when it offered an age-defining, odds-defying triple tranche whopper to the Swiss market. All of the Sfr760m ($787.2m) paper matures within five years, half of the paper offers negative yields and none of it left Switzerland.

In this round-up, Chinese regulators have further delayed any expansion of the qualified domestic institutional investor, Vanguard has completed its transition to a FTSE index that includes A-shares, and Malaysia’s new payment system adds support for RMB debt securities. Plus, a recap of GlobalRMB’s coverage this week.

The Prince of Liechtenstein's wealth and asset management firm, LGT Group, offered a 10 year bond to the Swiss market on Monday in an attempt to extend to its curve.

Pfandbriefzentrale der Schweizerischen Kantonalbanken issued on Tuesday the first ever Swiss franc 10 year bond to be priced with a negative yield by a non-government issuer.

The IPO of Investis Group, the Swiss residential property company, is nearly complete after the pricing was revised on Tuesday to Sfr50-Sfr55, the lower end of the initial Sfr49-Sfr68 range.