Switzerland

Swiss telecoms provider Swisscomm found strong demand for its new corporate bond deal. However, investors were very clear on where they saw the value in the deal and the issuer had to pay significant spreads to ensure the deal’s success.

Valiant Bank returned to the market last week to issue its second covered bond transaction which, like its first deal, was denominated in Swiss francs. Being double the size of the first deal, it showed potential demand for more.

Primary activity is likely to improve after the Easter break but bankers are telling issuers that covered bond new issue premiums are ‘a small price to pay’ in the context of much larger senior unsecured new issue concessions.

Glencore, the Swiss-based mining and commodities group, issued a $500m seven year equity-neutral convertible bond on Tuesday that achieved terms described as very aggressive. It attracted around 100 investors, including a couple of sovereign wealth funds.

Glencore, the Swiss commodities trading and mining company, has breathed some life into Europe's equity-linked market with a $500m equity-neutral convertible bond due in 2025.

The strong performance of Siemens Healthineers in the aftermarket has boosted the European IPO market and a raft of new listings are already covered ahead of their conclusions this week.

The day after a jumbo corporate bond issue is often a quiet one for new issuance as investors digest their allocations and assess the impact on secondary spreads. But after Sanofi's €8bn offering on Wednesday, Thursday was another bumper day.

Gategroup, the Swiss airline catering company, has opened the books on its Sfr1.3bn IPO on the SIX Swiss Exchange, valuing the company at Sfr2.6bn at the top of the range.

Credit Suisse is planning to issue its first ever green bond, with the proceeds earmarked for financing sustainable energy projects and climate action initiatives.

Gategroup Holding, the Swiss airline catering company, is planning to list on the SIX Swiss Exchange in an IPO that will allow its Chinese owner HNA Group to raise leverage-funds after a global acquisition spree.

GlobalCapital understands the Swiss Exchange is considering changing the way a bond becomes eligible for the Swiss Bond Index. This will not only be a significant development, but a welcome one.

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.