Switzerland

Salt Mobile, the Swiss telecom company, is asking an issuer-friendly HY market to tap some of its old bonds, waive covenants on them, and fund a dividend to its owner NJJ Capital with a new floater.

Swiss commodities trader Ecom is back in the market for a one year revolver, mandating four banks for the $400m borrowing.

Credit Suisse partially stepped away from its plan to place part of its ‘Swiss Universal Bank’ on the market to raise capital, as the bank’s asset disposals and legal settlements came out better than expected, taking the pressure off the bank's capital levels.

Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.

Swiss retail investors were fed the highest yielding deal in Swiss francs the year so far on Monday, when single-B rated Gategroup offered with bonds a 3% coupon.

Société Générale was marketing the first ever non-preferred senior bond in Swiss francs on Wednesday, as credit spreads for the country’s banks begin to recover after concerns about a far-right win in May’s French presidential elections.

Credit Suisse finished 2016 with a Sfr2.4bn ($2.39bn) annual net loss but investors found reasons for optimism in the bank’s strong capital position and revenue growth in investment bank and capital markets, causing the stock price to rise 3.05% by 11.30am London time.

Loan bankers are demanding clarity on the true ownership of the 19.5% stake in Rosneft privatised at the end of last year, as Intesa Sanpaolo prepares to syndicate the €5.2bn loan it has provided to back the deal, write Dan Alderson and Jon Hay.

Tuesday night brought fireworks in the blocks market, with a wave of primary and secondary offerings, including a Sfr865m acquisition financing by a Swiss pharmaceutical.

Lonza, the Swiss pharmaceuticals company, completed a 9.4% capital increase through a Sfr865m accelerated bookbuild on Tuesday night led by UBS and Bank of America Merrill Lynch, the first step in a two-pronged move to raise Sfr3.3bn for an acquisition.

Shares in Ferrexpo, the Swiss-headquartered iron ore producer active in Ukraine, rose 3.3% on Friday morning after Wigmore Street Investments sold its entire 13.2% stake through an accelerated bookbuild.

Shares in Novartis closed 2.5% higher on Wednesday after it delivered its full year results presentation, in which it announced a share buyback programme and said it was considering options for its struggling eye care division Alcon, which makes contact lenses and eye medicines.