Switzerland

A Sfr1.1bn jumbo block trade in Barry Callebaut, the Swiss chocolate maker, by Jacobs Holding, has attracted strong demand from investors eager to add defensive exposures to their portfolios.

The IPO of PolyPeptide Group, the Swiss pharmaceutical ingredients company, is set to be priced at Sfr64, above the midpoint of the initial Sfr57 to Sfr68 range, according to sources close to the deal.

Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.

The first quarter results for UBS’s investment bank looked much like a repeat of rival Credit Suisse’s earnings last week, with strong underlying performance marred by a loss stemming from former prime brokerage client Archegos Capital.

HSBC has appointed Jean-Manuel Richier as co-head of global banking and head of investment banking in continental Europe after the previous holder of the position, Hubert Preschez, left for M&A boutique Messier and Associés.

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.

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.

Aviva has asked investors to agree to a change in the terms of three of its tier two bonds, to try and make sure they revert to spreads over Sonia rather than Libor if they live on past their first call dates.

Swiss pharmaceutical ingredients manufacturing company PolyPeptide Group has filed for an IPO on the SIX Swiss Exchange, which is expected to value the company at around €1.5bn equivalent to €1.7bn equivalent, according to a source close to the deal.

Investors were relieved when Credit Suisse finally gave details this week about the damage it has suffered from its Archegos exposures. The losses were higher than expected, but they were not large enough to burn completely through the Swiss bank’s capital cushion.

Swiss technology firm Comet served up a niche sub-investment grade bond to high net worth investors this week, issuing a 1.3% Sfr60m ($64m) five year.

Subordinated debt investors are scrambling to understand what the collapse of US hedge fund Archegos will mean for Credit Suisse. A heavy loss would undermine the bank’s capital cushion, which protects its additional tier one coupons.