Switzerland
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◆ Deal more than five times covered ◆ Spread attractive for rating ◆ Lands inside Nordic peers -
Loan bankers say deals are being delayed and auto sector can expect restructurings
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◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years
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Internationally focussed borrowers could fare better under higher tariff regime
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◆ Deal follows $3bn issue in February ◆ Swiss regulators may demand much more capital ◆ Similar structure to last deal
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Facility features accordion option
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Swiss real estate firm's stock has risen 65% this year
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The energy and commodities company saw significant enough interest during syndication to increase deal size
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Company said the financing will help it take advantage of opportunities in the development of metabolic drugs
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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
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Bank facility joins bonds in euros and Swiss francs
