Switzerland

RAG Stiftung, the foundation set up by the German government to finance the discontinuation of coal mining in the Ruhr region, has sold its remaining shares in Stadler Rail, the Swiss maker of rolling stock, via an accelerated bookbuild on Monday evening.

A reverse enquiry from an institutional investor drove Raiffeisen to reopen its Swiss franc additional tier one (AT1) note this week, which was bumped up even further by demand from retail buyers.

Moody’s has published a request for comment regarding a proposed change in its rating methodology that could improve the rating stability of Swiss structured covered bonds. This could in turn give regulators another reason to consider updating the country’s legal framework.

Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.

UBS Group made a swift return to the dollar bond market on Tuesday, as it went in search of an additional tier one transaction a day after raising $3bn of senior unsecured debt.

Muenchener Hypothekenbank (MunHyp) harnessed the growing demand for environmental, social and corporate governance (ESG) paper in the Swiss market to land a tap 7bp through the bid side this week. Elsewhere, Toyota ended a 12 year absence from the Swiss franc market to sell the currency’s first automobile deal of the year.

Credit Suisse equity capital markets veteran Stephane Gruffat is set to join Deutsche Bank, according to an internal memo seen by GlobalCapital.

Fisch Asset Management has established a corporate bond fund with a focus on investment grade issuers around the world.

Shares in Montana Aerospace, the Swiss-Austrian aerospace company, took to the skies on Wednesday morning, the company’s first day of trading on the Swiss SIX Exchange following its IPO.

Credit Suisse Group targeted the dollar market this week for its first public bond offering since the collapse of US hedge fund Archegos. It ended up paying a relatively small new issue premium for its large $3.25bn transaction.

UBS has revamped its management of sustainability and appointed Michael Baldinger as chief sustainability officer. Last month it named Suni Harford, president of UBS Asset Management, as group executive board sponsor for sustainability and impact.

Zuercher Kantonalbank paid a generous spread this week for its first senior deal in euros, as rates investors showed no hesitation in adding exposure to the state-backed financial institution.