Switzerland

Financial Conduct Authority chief Andrew Bailey on Thursday set out the options for forward-looking term rates to replace Libor, a family of benchmarks that he described as “vulnerable to misconduct”.

Idorsia, the Swiss biopharmaceutical company, has raised Sfr505m ($503.82m) to finance advanced clinical trials after a simultaneous share and convertible bond sale overnight in Zurich.

Credit Suisse's latest additional tier one (AT1) was well above par in the secondary market on Tuesday, as some investors thought the large size of the deal would boost its trading level.

Credit Suisse was looking to complete to raise additional tier one (AT1) capital on Monday and to become only the second bank to launch a benchmark-sized transaction in the format since April.

Swiss engineering firm Oerlikon has postponed the Zurich listing of its drive solutions business, GrazianoFairfield, citing volatile markets. But investors looking at the deal said the price was wrong and pointed to the trading performance of a similar deal when explaining the stalled IPO.

Swiss market infrastructure operator SIX Group will combine digital asset trading, settlement and custody services in a new digital exchange for its customers. The CEO of SIX Group, Jos Dijsselhof, said it was the “beginning of a new era for capital markets infrastructure”.

It is common for a firm to have an association with an adjective. The description is often derogatory, so acquisitive companies are often said to be rapacious. For Glencore, the commonly used adjective is secretive.

Barclays is working hard to expand its equity capital markets business in Northern Europe, in a bid to capitalise on what it expects to be a busy few years for the region.

The spin-off of GrazianoFairfield, the drive systems unit of Swiss engineering firm Oerlikon, was launched on Thursday with the unit valued at Sfr620m at the top of the range.

Swiss gear engineering company Klingelnberg traded softly in the aftermarket on Wednesday, despite a heavily oversubscribed IPO in which a third of the investors in the book received zero allocations.

The Swiss listing of Klingelnberg, the German family-owned gear engineering company, got off to a flying start and was covered across its range within 24 hours of launching the deal.

Medical diagnostics firm Unilabs launched a benchmark size extension of its loan debt on Monday, as a range of investors clamour for paper despite issuance volumes running ahead of last year’s record pace.