Switzerland

Swiss Re, the reinsurance group, returned to the equity-linked debt market on Wednesday with a deal that reinforced this issuer’s reputation for financial innovation: a $500m equity-neutral convertible bond that also acts as a contingent convertible security — except with more flexibility for the issuer.

Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.

Swiss speciality chemicals firm Sika turned to the equity-linked market this week to raise Sfr1.65bn. The trade was just what investors in the asset class have been crying out for in Europe, but it also served as a nifty corporate financing solution — funding the settlement of a four year long hostile takeover battle with French rival Saint-Gobain.

Swiss biopharmaceutical company Polyphor has bucked the trend of recent European IPOs by pricing its IPO at Sfr38, in the top half of the initial Sfr30 to Sfr40 range, and increasing the size of the deal.

Polyphor, the Swiss pharmaceutical company, is increasing the size of its IPO by Sfr15m due to “strong demand” from institutional investors.

The Swiss Exchange has acquired a microwave trading company that could accelerate the time it takes to transmit trades.

CEVA Logistics, the freight management and contract logistics company, priced its IPO on the SIX Swiss Exchange at the bottom of the range on Thursday.

CEVA Logistics, the freight management and contract logistics company listing in Switzerland, has narrowed the price range on its IPO. The books are covered in excess of the deal size in the bottom half of the range.

Polyphor, the Swiss pharmaceutical company, began bookbuilding on Friday for its IPO on the SIX Swiss Exchange, with a price range that values it at up to Sfr401m.

CEVA Logistics, the Swiss freight management and contract logistics company, has set the range on its IPO, valuing it at Sfr1.5bn to Sfr1.8bn. It has also secured a cornerstone investment from shipping company CMA-CGM.

Adecco, the Swiss temporary staffing company, has become the latest blue chip to use a sustainability-linked loan structure for its main corporate revolving credit facility.

HNA, the Chinese conglomerate, has postponed the flotation of Swissport, the Swiss air freight handling company, citing unfavourable market conditions.