Switzerland

Lonza launched a €300m Schuldschein on Monday. The Swiss medical firm’s debut Schuldschein comes denominated in dollars and euros in a bid to, among other things, attract southeast Asian lenders, with natural dollar lending needs.

Zur Rose Group had a flying start with the launch of its Sfr252m ($259m) IPO on the SIX Swiss Exchange on Thursday, as books were covered within four hours to the full deal size, including the greenshoe.

Swiss management firm Helvetia Environnement Groupe (HEG), a BB- rated debut borrower, raised Sfr75m ($77m) with a five year green bond on Wednesday, in under two hours. A series of sub-investment grade issuers have made an impression on the Swiss market recently — a sign, Swiss bankers believe, of Swiss lenders’ growing ease with lower-rated credits.

A syndicated loan for Gunvor Singapore has been allotted, with more than 20 banks joining the mandated lead arrangers and bookrunners at the end of general syndication.

Swiss telecoms UPC Holding, a Liberty Global subsidiary, brought its second 12 year bond offering on Wednesday, the longest maturity sold in the European high yield market so far this year.

Credit Suisse has finished its second rights issue in two years, having won a high take-up from its shareholders.

Liberty Global’s UPC Holding locked in a coupon of below 4% for a 12 year bond, the longest maturity for a new deal in the European high yield market so far this year.

There has been an explosion of equity block trades in Europe this week, led by a sovereign wealth fund, plus several new capital deals. The IPO market is also busy, with several new deals launched.

After selling Sfr1.5bn of UBS shares on Monday night, GIC, the Singaporean sovereign wealth fund, returned with another equity block trade on Tuesday – this time to sell a stake in Straumann Holding, the Swiss maker of dental implants.

GIC, one of Singapore’s two sovereign wealth funds, has sold a chunk of the stake in UBS it acquired before the financial crisis, through a mandated block trade led by UBS’s own investment bank.

Lonza, the Swiss pharmaceuticals group, has completed its Sfr2.25bn rights issue, to part-finance its takeover of Capsugel, the US maker of medicine capsules, from KKR.

Martin Egan has been elected chair of the International Capital Market Association at the trade body's annual general meeting in Luxembourg, replacing Spencer Lake.