Switzerland

The IPO of Zur Rose, the Swiss online pharmacy, is due to be priced at the top of its range, to raise Sfr224m, after the bookbuild finished a day early due to the strength of the demand.

A new Zurich IPO began investor education on Monday, of electric meter maker Landis & Gyr, based in Switzerland. “It’s big,” said a banker on the deal, which may come at about $2.25bn to $2.75bn.

On Friday, the credit rating agency, DBRS, became the third ratings company to downgrade Nestlé following its announcement of a Sfr20bn ($20.8bn) share buy-back program earlier in the week. It could herald fresh bond issuance, said corporate bond bankers.

Zur Rose Group, the Swiss-based online pharmacy, told investors this morning that the pricing for its Sfr252m (€231m) IPO was likely to come in the top quarter of the range, thanks to very strong momentum.

Barry Callebaut, the Belgian-French chocolate company now headquartered in Switzerland, has joined the growing, but still very new, trend of companies taking out syndicated loans with margins tied to their sustainability performance.

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.