Switzerland

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.

Zuercher Kantonalbank is getting ready to become the first local Swiss bank to issue senior paper in euros, ahead of an important period in its funding schedule.

Swiss-Austrian company Montana Aerospace made a flying start to its IPO on Tuesday, attracting enough investors to cover the transaction in the first few hours of book building.

Swiss-Austrian company Montana Aerospace has embarked on a virtual roadshow after launching an IPO on Friday. Sources close to the transaction are in high spirits after the first few days of education and hopeful for a strong result after nabbing two cornerstone orders.

A Sfr1.1bn jumbo block trade in Barry Callebaut, the Swiss chocolate maker, by Jacobs Holding, has attracted strong demand from investors eager to add defensive exposures to their portfolios.

The IPO of PolyPeptide Group, the Swiss pharmaceutical ingredients company, is set to be priced at Sfr64, above the midpoint of the initial Sfr57 to Sfr68 range, according to sources close to the deal.

Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.

The first quarter results for UBS’s investment bank looked much like a repeat of rival Credit Suisse’s earnings last week, with strong underlying performance marred by a loss stemming from former prime brokerage client Archegos Capital.

HSBC has appointed Jean-Manuel Richier as co-head of global banking and head of investment banking in continental Europe after the previous holder of the position, Hubert Preschez, left for M&A boutique Messier and Associés.