Switzerland

Following an internal restructuring, Credit Suisse has asked covered bond holders for their consent to amend the definition of an issuer event of default (EoD).

UBS this week priced a 10 year senior unsecured bond from its holding company that was described as an "absolute blowout", and which has improved prospects for tier two issuance.

Blockchain initiatives in financial markets came to the fore this week, with a group of banks teaming up to apply the technology to making payments and settling transactions, while a survey of 25 financial exchanges found that most of them are testing distributed ledger technology.

UBS and three other banks are working together to apply blockchain technology to making payments and settling transactions in financial markets.

UBS has priced a 10 year senior unsecured bond issued from its holding company which was described as an "absolute blowout."

General syndication for a $12.7bn loan to back China National Chemical Corp’s acquisition of Swiss biotech firm Syngenta is set to wrap up.

Rhätische Bahn entered the Swiss franc market on Monday for the first time ever with a Sfr200m ($207.6m) nine year and fifteen year dual tranche deal.

The Canton of Ticino tapped a Sfr120m ($122.8m) 0.4% June 2044 bond on Wednesday for Sfr50m. The issuer took advantage of the absence of Swiss government bond auctions this August and a tighter pricing environment since the UK's Brexit vote.

UBS reopened the additional tier one market for the first time since Brexit this week, taking advantage of highly supportive conditions in the dollar market. With the asset class ever more supported by regulators, further issuance could be imminent.

Rating: A2/A/A

UBS pulled in a $6bn book for the first additional tier one bond since the UK left the European Union on Wednesday, using a greenshoe option for a second time to ensure secondary stability.

Credit Suisse returned to the sterling market for holding company level senior funding on Monday, following an unexpected return to profitability in its recent financial results.