Switzerland
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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 -
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
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Market expects pipeline to pick up in second week of August
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Foreign issuers tap market for price and diversification
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Swiss healthcare real estate investor’s placement of up to Sfr250m is the market’s largest this year by transaction size
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Supra bond shows size is available in Swiss francs for digital deals
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◆ Second Swiss cantonal bank to fund in euros this year ◆ Slow bookbuilding for a tight credit ◆ Premium paid
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Offshore issuance in the currency running at nearly double last year’s pace
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◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
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◆ Triple-B pair each print no-grow €500m deals ◆ Technip Energies enjoys slim concession ◆ Clariant ends 14 year absence with large, sticky orderbooks
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Scarcity value to overshadow sectoral concerns
