Switzerland
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Swiss biotechnology company Idorsia has begun marketing for a Sfr575m at-market rights offer to fund the commercialisation of its lead product candidate. -
Dufry, the Swiss operator of duty free retailers, has launched a Sfr700m ($766m) rights issue for M&A and corporate capital needs. The rights issue will allow two strategic investors, Advent Group and Chinese e-commerce firm Alibaba to take large stakes in the company.
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Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday.
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Swiss real estate developer Epic Suisse has set the terms for its IPO on the SIX Swiss Exchange, which could value the company at up to Sfr778m ($839.56m).
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Sustainability-linked bonds took a full year to get going after Enel, the Italian power and gas company, introduced the structure in September 2019. But they are now gathering pace. This week Novartis, the Swiss pharmaceutical company, printed a deal, just a week after Suzano, the Brazilian pulp and paper group, had become the second issuer.
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Epic Suisse, the Swiss real estate company, has unveiled plans for an IPO on the SIX Swiss Exchange to raise capital to fund future development projects and repay debt.
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Crédit Agricole’s Swiss subsidiary sold its first structured covered bond in Swiss francs on Wednesday. The bond was issued under a new programme that differentiates it from covered bonds issued by its parent bank under French law in the Swiss market.
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Crédit Agricole's Swiss subsidiary is selling its first structured covered bond in Swiss francs. The deal will be issued under a new programme using Swiss contractual law in a change from the French law covered bonds issued by the parent bank in the Swiss franc market. Elsewhere in the Swiss market, Münchener Hypothekenbank issued a green bond on Friday.
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Subordinated debt transactions in dollars from a trio of European banks left no doubts about the strength of the Yankee market this week. Bookrunners are encouraging issuers to execute trades in the asset class quickly, as they are unlikely to encounter better conditions before the end of this year, writes David Freitas.
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European equity capital markets investors had a big night of secondary blocks to look at on Monday, with two large Swiss trades which totalled around Sfr1bn ($1.09bn) of volume combined. The transactions showed that there is still a market for block trades in large, liquid stocks with recent ECM pedigree.
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Credit Suisse opened books on a new additional tier one (AT1) in the dollar market on Tuesday, as bankers predicted that other European issuers could bring follow-on supply in the currency.
