Switzerland
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Crédit Agricole's Swiss subsidiary is selling its first structured covered bond in Swiss francs. The deal will be issued under a new programme using Swiss contractual law in a change from the French law covered bonds issued by the parent bank in the Swiss franc market. Elsewhere in the Swiss market, Münchener Hypothekenbank issued a green bond on Friday. -
Subordinated debt transactions in dollars from a trio of European banks left no doubts about the strength of the Yankee market this week. Bookrunners are encouraging issuers to execute trades in the asset class quickly, as they are unlikely to encounter better conditions before the end of this year, writes David Freitas.
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European equity capital markets investors had a big night of secondary blocks to look at on Monday, with two large Swiss trades which totalled around Sfr1bn ($1.09bn) of volume combined. The transactions showed that there is still a market for block trades in large, liquid stocks with recent ECM pedigree.
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Credit Suisse opened books on a new additional tier one (AT1) in the dollar market on Tuesday, as bankers predicted that other European issuers could bring follow-on supply in the currency.
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Despite the coronavirus crisis and uncertainty about the November US election, the Swiss franc market is feeling optimistic for the second half of the year, expecting a strong run of issuance until late autumn.
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UBS Group opened books on new additional tier one (AT1) on Wednesday, as it looked to hoover up demand from yield-starved investors in the Reg S dollar market.
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Credit analysts hope that European banks will be able to report much stronger capital levels in the second quarter, amid early signs that risk-weighted asset (RWA) volumes could be lower than expected.
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Booming markets revenues in the second quarter helped UBS post another strong set of results at its investment bank. But higher loan loss charges ate into group-level profits as the coronavirus crisis led to deterioration in the global economic outlook.
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The Swiss government has recently approved draft amendments to its Pfandbrief law that will increase transparency and legal certainty, reducing the risk of a fire sale and payment default.
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Unrated Swiss private railway operator Rhätische Bahn, owner of the UNESCO World Heritage-listed Bernina railway, made its second stop in the Swiss franc bond market this week, four years after its debut deal.
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CNP Assurances and Helvetia Europe have added to issuance momentum in the insurance sector, giving investors the chance to put money into subordinated capital. The tier two bonds showed that ‘the market is back in shape’, said one deal arranger.
