UBS

Real estate giant draws “unexpected” investor diversity to unloved sector

Widening prices temper size ambitions, but issuers remain upbeat as they adapt to 'new normal'

Opportunities for rare names remain, despite investors looking for higher new issue premiums

Swiss market shakes off January blues to offer size and tightening prices

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature

Buyers grapple with falling interest rates

A slowdown in supply is expected amid 'trickier' backdrop

There should be a busy start to the new year, but falling rates and widening spreads might spoil the party

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◆ What the most senior debt bankers in the world believe about next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...

In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels

When the shockwave set off by the failure of Silicon Valley Bank swept the legs from under Credit Suisse, all the talent and relationships of a big investment bank were up for grabs. UBS has tried to hang on to what it sees as the best bits — but the biggest beneficiaries are likely to be rivals. Jon Hay and David Rothnie report