Switzerland
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◆ Swiss pharma group goes long with 12 year bond ◆ Order book holds steady through pricing ◆ Bankers spot low teens concession -
Swiss investors retain appetite for credit as yields become more attractive
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Heavy domestic supply from banks and corporates also meets strong demand
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◆ Insurance companies timed deals to engage euro accounts ◆ Second deal after earlier senior bond ◆ Raises fresh capital ahead of perp call
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Proceeds enable fund to buy 14-property portfolio as units fully placed in best efforts process
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◆ Pair help market to end week on a high note ◆ GSK offers pick-up over peer AstraZeneca ◆ Glencore finds demand at eight years
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◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025
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Chubb leads another busy week for foreign borrowers as domestic names also keep supply flowing
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◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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◆ Pharma company prints 5.3, 10 and 15 year bonds ◆ Biggest domestic corporate deal in Swiss francs this year ◆ Roche pushes pricing and size in shorter tranches
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September redemption cash and shortage of supply support investor demand
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Issuance is running near record highs, while the autumn pipeline is expected to be busy
