Credit Suisse
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Revenues at Credit Suisse’s investment bank are up 80% year-on-year amid a boom in capital markets business, but the fallout from the firm’s dealings with Archegos Capital and Greensill Capital meant that the group reported a net loss of Sfr252m (€476m). -
The Province of Ontario ended an absence of almost four years from the Swiss franc market this week to land a 12 year note at fair value. Elsewhere, Valiant Bank and Pfandbriefbank kept the domestic market ticking over with a handful of covered deals.
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Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way.
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Iberdrola, the Spanish utility, has signed a €2.5bn sustainability-linked loan, becoming the first Spanish company to use risk-free rates as a benchmark instead of Libor.
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Credit Suisse has placed Sfr1.7bn ($1.9bn) of mandatory convertible bonds to repair its balance sheet, following steep trading losses caused by the bankruptcies of Archegos Capital and Greensill Capital. But some predict the bank may need to return for more equity down the line.
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Danfoss, a Danish engineering firm, and UK bottling company Coca-Cola European Partners found the biggest demand at longer maturities in their multi-tranche bond issues on Wednesday, as inflation fears fade from Europe’s corporate debt market.
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The IPO of PolyPeptide, the Swiss pharmaceutical ingredients company, was covered on the first morning of bookbuilding on Wednesday, according to sources close to the deal.
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Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.
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Coventry Building Society paid only a small premium to issue an inaugural non-preferred senior note on Tuesday, while scoring a pre-emptive senior ratings boost during the process.
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Coventry Building Society is set to sell its inaugural non-preferred senior bond, which it will use to optimise its balance sheet ahead of a deadline for its end-state minimum requirements for own funds and eligible liabilities (MREL).
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Credit Suisse has rejigged the leadership team of its investment banking and capital markets (IBCM) coverage businesses in Indonesia and Malaysia.
