Switzerland

After the US public holiday on Monday restricted trading, the equity block trades market in EMEA reopened spectacularly this week, with a rush of large deals from across the region.

Swiss private banking group Julius Baer was about 30 times subscribed for its first additional tier one (AT1) offering in dollars on Tuesday, showing the strength of the Reg S dollar market at the start of September.

Switzerland’s Julius Baer Group is offering investors a little something new, launching an inaugural dollar-denominated Basel III additional tier one (AT1) bond on Tuesday morning in Asia.

Europe’s equity block trade market made an impeccable start to its autumn season on Wednesday night, when two repeat sellers brought trades in familiar, recently floated stocks, and both found strong demand.

Julius Baer Group is planning to sell its first US dollar-denominated additional tier one (AT1) bond, and will visit Asia and Europe for a roadshow later this week.

On Tuesday LafargeHolcim became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, which may lead other issuers to bring forward their plans.

Straumann Holding, the Swiss maker of dental implants, abandoned a selldown of treasury shares on Thursday night after investors demanded a bigger discount than the company was willing to offer.

Switzerland’s Valiant Bank is reportedly close to issuing its debut covered bond, with a Swiss franc-denominated issue expected first, possibly followed by a euro benchmark. But the restrictive Swiss covered bond law means the deal will be contractually structured.

Russian fertiliser company EuroChem is due to sign a loan in three weeks’ time to refinance $325m of a $500m bond it launched in June as well as previous loan facilities.

Forbo Holding, a Swiss maker of floor coverings and construction adhesives, sold some of its own treasury shares via an accelerated bookbuild on Monday evening in the first block of the stock for seven years.

China plans to increase a limit on foreign equity investors, the PBoC renews a currency swap line with Switzerland, and the International Monetary Fund (IMF) says the renminbi is broadly moving in line with fundamentals.

Shares in Landis & Gyr, the Swiss maker of energy meters, closed 0.5% higher on their debut Friday, after a dip in morning trading, after the company priced its IPO at Sfr78, above the middle of the Sfr70-Sfr82 initial range.