Swiss Francs

Glencore financial entered the Swiss franc bond market on Thursday, raising Sfr175m with a six year bond. The deal was smaller than previous issues in the currency from the Anglo-Swiss commodities company, but was inside dollar funding levels.

Credit Suisse has for decades called first place in Swiss franc bonds its own. But as the fourth quarter approaches, arch-rival UBS is defending a potentially insurmountable lead over its sparring partner, thanks largely to its success bringing Canadian and Korean borrowers to the market this year.

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Swiss healthcare company Roche took advantage of upcoming redemptions and a new investor base following its rating upgrade by Moody’s, to raise CHF900m ($922m) from a dual tranche offering.

First Abu Dhabi Bank (FADB) appeared in the Swiss franc market on Thursday, selling five year bonds in an arbitrage driven transaction.

Credit Suisse sold Sfr300m of perpetual non-call six year tier one capital bonds on Wednesday.

Korea Water Resources (K-Water) has issued a Sfr200m five year Swiss franc bond, confirming South Korea as the biggest source of foreign bond issuance in the currency.

Lloyds Banking Group entered the Swiss franc bond market on Thursday after a seven year absence.

Canadian Imperial Bank of Commerce (CIBC) sold its first senior unsecured Swiss franc debt on Thursday as opportunities for arbitrage grow for well-rated credits.

Autumn is coming, and Swiss franc bankers are pinning their hopes on a wall. That is a Sfr25bn ($25bn) wall of maturing bonds, the refinancing of which they hope will bring the market to life. But sceptics fear conditions might not be good enough to persuade issuers, mostly foreign, that the Swiss market is the right place to do it.

Jackson National Life (JNL), the US insurance company, reacted to an arbitrage window at five and half years and issued Sfr200m ($201.3m) Swiss franc bonds on Monday.

Barclays has returned to the Swiss franc bond market after an eight year absence.