Switzerland

OP Mortgage Bank was set to price the first €1bn sized covered bond of the week on Wednesday and, despite offering hardly any new issue premium, the transaction found strong demand reflecting a popular but exceptionally rare tenor. At the same time, Switzerland's Valliant Bank issued its debut covered bond and Sparkasse Hannover issued a sub-benchmark Pfandbrief.

Swiss telecom group Salt Mobile printed a high yield fixed rate issue on Tuesday, its second deal this year, as it replaced floating rate notes with new bonds. They were priced at the wide end of guidance.

Borrowers repricing and refinancing their debt are taking an ever bigger share of overall issuance in European leveraged finance markets. This week, Salt Mobile and Gates added to the already large list of names taking advantage of borrower-friendly conditions.

In recent months Swiss food group Nestlé has extended its euro corporate bond curve with some of its largest ever deals, after it started a Sfr20bn share buy-back programme in July. However, on Thursday it printed its third Eurodollar deal of 2017.

In recent months Swiss food group Nestlé has extended its euro corporate bond curve with some of its largest ever deals after it started a Sfr20bn share buy-back in July. But the issuer has not forgotten its eurodollar investors and on Thursday printed its third deal of 2017 in the format.

Swiss franc bond investors have the opportunity to buy paper with a longer maturity on Wednesday, as telecoms company Swisscom launched a Sfr150m 16 year trade, but bankers say that despite the positive reception to the deal, longer dated primary issuance in the currency will remain rare.

Lonza, the Swiss medical firm, is sounding the market for a $100m seven year loan, following a €870m-equivalent Schuldschein transaction in August.

Swiss coffee company Sucafina has signed its first syndicated loan for $300m with 11 banks.

Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.

In an otherwise quiet week with many companies in corporate close periods, there were two large equity block trades on Monday night, in Moncler, the Italian designer of luxury coats and jackets, and VAT Group, the Swiss maker of vacuum valves.

Ringier, the Swiss media company, launched a €50m Schuldschein on Tuesday that is expected to attract a wider range of investors than its first outing in the market last December, a successful €50m issue.

Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.