Switzerland

Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.

UBS Group made a swift return to the dollar bond market on Tuesday, as it went in search of an additional tier one transaction a day after raising $3bn of senior unsecured debt.

Muenchener Hypothekenbank (MunHyp) harnessed the growing demand for environmental, social and corporate governance (ESG) paper in the Swiss market to land a tap 7bp through the bid side this week. Elsewhere, Toyota ended a 12 year absence from the Swiss franc market to sell the currency’s first automobile deal of the year.

Credit Suisse equity capital markets veteran Stephane Gruffat is set to join Deutsche Bank, according to an internal memo seen by GlobalCapital.

Fisch Asset Management has established a corporate bond fund with a focus on investment grade issuers around the world.

Shares in Montana Aerospace, the Swiss-Austrian aerospace company, took to the skies on Wednesday morning, the company’s first day of trading on the Swiss SIX Exchange following its IPO.

Credit Suisse Group targeted the dollar market this week for its first public bond offering since the collapse of US hedge fund Archegos. It ended up paying a relatively small new issue premium for its large $3.25bn transaction.

UBS has revamped its management of sustainability and appointed Michael Baldinger as chief sustainability officer. Last month it named Suni Harford, president of UBS Asset Management, as group executive board sponsor for sustainability and impact.

Zuercher Kantonalbank paid a generous spread this week for its first senior deal in euros, as rates investors showed no hesitation in adding exposure to the state-backed financial institution.

Zuercher Kantonalbank is getting ready to become the first local Swiss bank to issue senior paper in euros, ahead of an important period in its funding schedule.

Swiss-Austrian company Montana Aerospace made a flying start to its IPO on Tuesday, attracting enough investors to cover the transaction in the first few hours of book building.

Swiss-Austrian company Montana Aerospace has embarked on a virtual roadshow after launching an IPO on Friday. Sources close to the transaction are in high spirits after the first few days of education and hopeful for a strong result after nabbing two cornerstone orders.