PSP launches Greenbond with variable interest rate

PSP Swiss Property Ltd has launched a two-year green bond with a volume of CHF 155 million. The special feature: the coupon is fixed quarterly on a variable Saron basis. The interest rate is 58 basis points above the reference interest rate. According to ZKB, under whose lead management the transaction took place, this is the first variable-rate listed bond on a Saron basis in Switzerland. However, variable bonds, so-called floaters, had previously existed on the Swiss capital market on the basis of the Libor reference interest rate, which has since been abolished. (aw)