KNOC taps Swiss francs amid volatility

Korea National Oil Corp makes use of alternative funding currency as dollar markets remain shut.

Korea National Oil Corp KNOC tapped the Swiss franc market on Wednesday evening with a Sfr240 million $252 million deal.

It was the first international public deal from Asia since market volatility hit in mid-June and, as the US dollar bond market continues to stall, more borrowers could turn to niche currencies for funding.

The Swiss franc market offered KNOC liquidity as well as competitive pricing compared to the dollar market, according a source familiar with the deal. Asia’s dollar bond markets shut down in June after a record-breaking first five months.

“The dollar market is not there, and the Sing dollar and dim...

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