Switzerland
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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. -
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.
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Shares in Meyer Burger Technology, the Swiss developer of solar panel technology, surged by more than 26% on Monday morning after the company unveiled plans for a Sfr165m capital increase to accelerate its plans for an expansion its own cell and module production capacity.
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The owners of SoftwareOne, the Swiss software company that went public in October last year, have taken advantage of the rally of the share price in recent weeks to sell Sfr382.5m of stock, via an accelerated bookbuild.
