Switzerland

Glencore launched a cash tender offer on Thursday, hoping to buy back $1bn of dollar bonds, after raising $4.7bn from asset sales in the past few weeks.

When a company announces that it is increasing the amount paid out to shareholders, it is not typically greeted with enthusiasm by credit investors. But Glencore is no ordinary company in the credit default swap world, and its announcement on Thursday wasn’t a standard change in financial policy.

Commodity trader Gunvor increased its European revolving credit facility by around 50% to meet oversubscribed commitments, having also grown its $725m working capital loan after strong demand.

Shares in Meyer Burger Technology, the Swiss solar panel maker, plunged 13% on Tuesday after it announced a recapitalisation programme involving a rights issue, an adjustment of the terms of the Sfr100m convertible bond it issued in September 2014, and the extension of a loan secured on one of its properties.

Tidjane Thiam seems to have lost his hero status with investors. Credit Suisse’s share price leapt 7.7% on the day in March 2015 when he was named CEO, but most of the times Thiam has presented the bank’s results since taking the helm 16 months ago, the market has shuddered. On Thursday, its shares fell 6% by the afternoon, even though the bank beat expectations and pleased analysts.

UBS announced that it has received the consent of investors to change the maturity terms of its covered bonds from hard to soft bullet.

Amid rough going for new IPOs this week, one of this year’s star IPO performers, Maisons du Monde, was back in the market on Wednesday night as the global coordinators waived the lock-up to let the leading shareholders make their first block trade in the stock. Thursday brought a substantial trade in Ferrexpo, which owns iron mines in Ukraine, which got done, though at a slightly reduced size.

A banker at one of Ecom Agroindustrial's new lenders, Raiffeisen Bank International, said that the bank was following a strategy to build new relationships with soft commodity firms in joining the Ecom deal.

The Canton of Geneva has offered a 40 year bond to the Swiss market, the longest public sector, non-government bond ever in the Swiss market.

Ecom Agroindustrial, the Switzerland based commodities trader, has concluded the refinancing of a $635m one year loan, drawing in six new banks.

A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.

Swiss food and drinks company Nestle is in talks with banks to refinance about €12bn in one and five year credit facilities.