Switzerland

Revised price ranges have been set on the flotations of Funding Circle and SIG Combibloc as investors continue to support the crop of new European listings coming to market.

Sulzer, the Swiss maker of industrial machinery, has made a Sfr15m ($15.5m) profit on a block of shares it acquired in April from its former majority owner, Renova Group, to escape economic sanctions imposed on Russian companies and individuals by the US Treasury’s OFAC.

Sulzer, the Swiss maker of industrial machinery, is in the blocks market tonight with a Sfr608m sale of its own treasury shares that it acquired from its former majority shareholder, the sanctioned Russian conglomerate Renova, in April.

SIG Combibloc, the Swiss food and beverage packaging company, began IPO bookbuilding this week in a deal that will return it to the Swiss SIX exchange, more than 10 years after it was taken private.

Swiss flavours and fragrance manufacturer Givaudan is a regular user of the Swiss franc corporate bond market, but sold its first euro deal this week to help refinance the funding of its €1.25bn acquisition of French natural ingredients supplier Naturex.

Rating: Aa3/AA

Credit Suisse was able to rack up more than $8bn of demand for its additional tier one deal on Wednesday in the face of jittery equity markets, as Rabobank had done the day before.

Swiss healthcare company Roche took advantage of upcoming redemptions and a new investor base following its rating upgrade by Moody’s, to raise CHF900m ($922m) from a dual tranche offering.

SIG Combibloc, the Swiss food and beverage packaging company, is to relist on the Swiss stock exchange after more than a decade of being a private company.

SIX, an exchange company in Switzerland, is angling to take full advantage of the advent of distributed ledger technology (DLT). With its new digital asset platform, the company hopes to profit from easier securities settlement and a new method of raising capital that involves issuing cryptocurrency.

Tobias Rihs, the son of the late Swiss billionaire Andreas Rihs, has sold Sfr314.9m of shares in Sonova Holding, the Swiss maker of hearing aids, from the estate of his father.

The secondary performance of Credit Suisse’s additional tier one (AT1) bond issued on Monday led market participants to talk about the asset class finding its feet again after a torrid time recently.