Oreo-Maker Mondelez Joins Rush to Tap Swiss Franc Bond Market

(Bloomberg) — Mondelez International, Inc. is tapping the Swiss franc bond market for the first time, joining a flurry of international firms turning to the currency for debt.

The snacks maker, which owns brands such as Oreo, Cadbury and Milka, is selling a three-part bond across maturities in 2029, 2032 and 2036, according to a person familiar with the matter who asked not to be identified. The company will use the funds to repay debt and for general corporate purposes.

International borrowers have been rushing to the Swiss franc market this year, with Google parent company Alphabet Inc raising a 3.055 billion Swiss franc ($3.8 billion) bond earlier this year, the biggest transaction on record for the currency. Bankers say companies could issue more than 25 billion Swiss francs of bonds this year, far beyond normal volumes, as they look to diversify their funding sources and make the most of Switzerland’s low interest rates.

Deutsche Bank AG, BNP Paribas SA, Commerzbank and Goldman Sachs International are managing the deal that is expected to price later on Wednesday.

Broader European primary market activity is continuing, with a handful of borrowers also raising debt in euros on Wednesday. Overall sales have fallen behind last year’s pace for the first time since January as the war in the Middle East has slowed borrowing activity.

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