Switzerland

Investors were relieved when Credit Suisse finally gave details this week about the damage it has suffered from its Archegos exposures. The losses were higher than expected, but they were not large enough to burn completely through the Swiss bank’s capital cushion.

Swiss technology firm Comet served up a niche sub-investment grade bond to high net worth investors this week, issuing a 1.3% Sfr60m ($64m) five year.

Subordinated debt investors are scrambling to understand what the collapse of US hedge fund Archegos will mean for Credit Suisse. A heavy loss would undermine the bank’s capital cushion, which protects its additional tier one coupons.

An undisclosed seller has offloaded a Sfr90.7m stake in Galenica, the Swiss retail pharmacies company, through an accelerated bookbuild on Tuesday evening.

Financial institutions bond bankers are hoping to build back better in April after coping with a tumultuous end to the first quarter. They say the holiday season and a recent back-up in yields will combine to create the perfect conditions for a long-awaited credit rally.

Athene Global Funding encountered slim demand on its return to the sterling market this week, but UBS had better luck at the short end of the maturity curve.

Dufry, the Swiss duty-free concession operator, has issued a new five-year Sfr500m convertible bond to help refinance the Sfr350m three-year convertible it received in April 2020 following the initial onset of the pandemic, which caused a collapse in the company’s share price.

Swiss Steel, the Swiss steel company formerly known as Schmolz + Bickenbach, has finished its Sfr247m at-market rights issue, following a rump placement on Monday night.

Swiss Steel, the Swiss manufacturer of steel and steel products formerly known as Schmolz + Bickenbach, has unveiled the terms of a Sfr220m (€200m) rights issue, required to help the company improve its capital position.

BNP Paribas returned to the Swiss franc market to land a new senior non-preferred issue slightly inside its euro curve this week. In recent weeks, several foreign borrowers have tapped the market and, with tightening levels looking attractive, bankers are confident more could follow.

This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results.

UBS found room for $5bn of new debt in the dollar market this week, starting with a “phenomenal” result for a new additional tier one (AT1) on Monday and ending with a three-part senior offering a day later.