CAF Hits up Swiss, Looks to Japan

CAF has raised CHF250m ($261m) in new 2015 bonds in the Swiss market, and is closing in on a new Japanese bond. The Swiss bonds priced at 100.334 with a 2.625% coupon to yield 2.650%, or mid-swaps plus 146bp, in line with mid-swaps plus 147bp guidance. The deal was upsized from CHF150m, according to a CAF official, as demand topped CHF250m. Some 40 investors participated. It is the second-ever Swiss issue for CAF, following a CHF200m sale in 2008. The multilateral lender may also price a Samurai bond in the Japanese market as soon as this week, the official says, after the bank recently filed for a shelf allowing for JPY100bn in new transactions. He declines to give details of the current sale, though notes Mizuho and Nomura are managing, and the issue won’t require a guarantee from the Japan Bank for International Cooperation, unlike other recent LatAm issuance in Japan. CAF sold JPY10bn in 2019 bonds last year.