Switzerland
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◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure -
Bank facility joins bonds in euros and Swiss francs
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◆ Sandoz garners chunky demand for 10 year trade ◆ Trend continues for issuers to set deal parameters quickly ◆ Single digit new issue concession
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Pfandbrief split across four tranches spanning 3.4 to 23.6 years
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Chocolatier gets sticky book for first trade since S&P downgrade
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The Swiss company’s refinancing has support from more than 30 banks
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Chocolatier includes junk rating coupon increase in marketing dual tranche euro trade
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New facility consists of both term and revolving credit loans
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Better book than last sell-down with new long-only institutions coming into the stock while others add to positions
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New lenders joined the $2.27bn-equivalent sustainability-linked deal at all levels
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Swiss asset manager’s anchor investor to underwrite the rights issue, two Norwegian companies do block trades
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◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
