Switzerland

Swiss investment firm Jacobs Holding has trimmed its stake in chocolate maker Barry Callebaut, via an accelerated bookbuild and a simultaneous private placement.

David Miller has become the new chief executive of Credit Suisse’s investment banking and capital markets (IBCM) unit, replacing James Amine.

The Black Sea Trade and Development Bank (BSTDB, A2/A-) delivered on its objective of further diversifying its funding profile this week when it returned to the Swiss franc market for the first time since a Sfr100m issue in May 2015, which is set to mature next month.

Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.

Another Germany-focused real estate firm is dipping into the high yield bond market. Peach Property is launching €250m of unsecured senior notes, following a successful bond issue by Demire. While Germany is on the brink of recession, its property market keeps breaking new records.

A senior convertible bonds investor at Fisch Asset Management, the Swiss boutique asset manager, has resigned to take up a new role in London in January, GlobalCapital understands.

The Swiss franc primary bond market enjoyed a week of notable firsts, new records and diversity this week across the corporate, cantonal and financial institutions sectors.

The KKR-backed Swiss software company, SoftwareOne, has closed the books on its IPO on Thursday at just below the mid-point of its revised price range.

A rise in the Swiss swap curve and an improvement in cross-currency dynamics helped momentum created by a well-received Citi trade last Friday to be carried over into this week. Three familiar FIG names returned to the market on Monday, including Chile’s Banco de Credito e Inversiones (BCI).

Switzerland’s largest private and commercial vehicle leasing company starred in an otherwise quiet market for Swiss franc issuance this week.

SoftwareOne Holding, the KKR-backed IT services company, is making good progress on its IPO on the SIX Swiss Exchange, despite market sentiment being hit by the poor aftermarket performance of TeamViewer, the German software company that listed in Frankfurt last month.

Middle Eastern banks returned to the Swiss franc market this week after an absence of almost five months with trades from two Gulf banks providing some respite for yield-starved investors.