Credit Suisse

The arrival of star Credit Suisse banker Iqbal Khan gives UBS’s chief executive Sergio Ermotti the chance to achieve his ambition of reaching a decade at the helm of the bank while securing a smooth transition, writes David Rothnie. Meanwhile, UBS’s restructuring, announced on Thursday, marks a focus on intragroup collaboration.

The frenzy of investment grade corporate bond issuance in Europe intensified on Thursday, when eight companies came to market, issuing a total of €6.6bn of paper in euros. That brought the total for the first four days of this week to over €20bn. Despite the heavy supply, issuers have found sufficient demand to support their notes.

Credit Suisse has recruited a banker from Deutsche Bank to join its equity capital markets solutions origination team in Paris.

Despite no deals coming on Thursday, improving conditions could see other FIG borrowers join CaixaBank, ANZ New Zealand and ASB Finance with senior bonds as soon as Friday, bankers believe..

AllHome Corp has begun pre-deal investor education for its IPO in the Philippines. The firm is targeting as much as Ps20.7bn ($398.8m).

Sparebank 1 priced a seven year senior preferred bond in green format on Wednesday at mid-swaps plus 65bp. The €500m bond attracted demand of €700m but leads were not able to tighten pricing to the full extent of their ambitions.

Credit Suisse was marketing a 10 year bullet senior bond on Tuesday, avoiding negative yields by choosing a tenor longer than seven years. At the same time, Sparebank 1 announced it was readying its green debut in senior format.

James Gifford, who was founding executive director of the UN Principles for Responsible Investing, has joined Credit Suisse in the newly formed position of head of impact advisory.

Rabobank launched an additional tier one (AT1) bond with a record low coupon in the euro market this week. The Dutch bank started with price thoughts of 3.625%, but tightened by 40bp to smash through the previous record of 3.5%, set by Nordea in 2017.

Natixis has been building out its Asia Pacific presence, making some senior changes to its global markets team and adding three new bankers.

Bank of the Philippine Islands issued on Thursday a green bond in Swiss francs, which came at a negative yield.

Korean Air Lines Co returned to the policy bank-guarantee structure for its latest offshore bond this week, raising $300m at a favourable price.