Switzerland

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.

Temenos, the Swiss banking software company, is in advanced discussions about an all cash offer for Fidessa, the UK trading technology firm, for around £1.4bn, which is likely to involve some debt issuance.

Brexit wrecked a recent attempt by Switzerland to adopt parts of EU financial regulation, injecting a dose of politics into the previously orderly arrangements between the two jurisdictions, and creating uncertainty for EU firms trading on the Swiss stock exchange.