Switzerland
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A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade. -
Ina Invest Holding, the real estate development division of Swiss construction company Implenia, has announced a Sfr100m at-market rights offer that will complete the spin-off of the company on the SIX Swiss Exchange.
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Credit Suisse launched its first sterling bonds of the year on Tuesday, moving to within touching distance of completing its annual issuance plan for its total loss absorbing capacity requirements (TLAC).
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19.
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Citi was the sole bookrunner and underwriter on a Sfr2.55bn block trade in Sika, the Swiss chemicals company, sold by Saint-Gobain on Tuesday night — but the deal was not covered.
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RAG Stiftung has sold half of its stake in Stadler Rail, the train manufacturing company that floated on the SIX Swiss Exchange last year.
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The EU should further loosen bank leverage ratio requirements if it wants to avoid a credit crunch amid Covid-19, according to Michael Lever, head of prudential regulation at the Association for Financial Markets in Europe.
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A strong performance in the restricted tier one (RT1) instruments has put the niche insurance bond market in the spotlight recently. Some investors have made strong returns from the asset class, as valuations have recovered during the coronavirus crisis.
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Investors poured into an accelerated trade in Swiss biopharmaceutical company Idorisia on Tuesday night, causing bookrunners to grow the deal by 1m shares. The success of the deal shows how highly investors value growth in the depressed economic environment of the Covid-19 pandemic.
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European banks are set to follow sovereign and supranational institutions and begin issuing senior bonds dedicated to fighting Covid-19 under existing ESG frameworks.
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The Canton of Geneva took its 2020 funding up to almost Sfr1.2bn ($1.2bn) this week with a triple tranche deal — the most it has funded in a single year since 2013, according to Dealogic. Elsewhere, an attractive basis for dollar funders led a pair of rare issuers to return to the market.
