Switzerland

The Basel Committee has made an adjustment to the way it wants leverage ratios to be calculated, in a change that will lessen the capital burden on many banks that deal in derivatives.

A $12.7bn jumbo loan to back China National Chemical Corp’s (ChemChina) acquisition of Syngenta has gone into senior syndication in Asia, with the borrower seeking a large minimum commitment.

Swiss property investor Allreal Holding printed an eight year Swiss franc bond on Tuesday, in a transaction which bankers hope will revive corporate issuance in the currency.

Credit Suisse has sold its first benchmark euro senior unsecured bonds of the year, returning with a pure operating company version of a dual tranche deal it was forced to cut in half in June last year.

UBS has joined a growing list of European banks ramping up their senior holding company level issuance in 2016, printing a large three tranche deal in dollars as demand for the product surges.

ChemChina gave 11 banks allocations in the $20bn tranche of its Syngenta acquisition loan on Thursday, bringing the total number of banks in the syndicate to 16.

VAT Vakuumventile launched on Thursday morning the bookbuild for its Zurich listing. The deal, Switzerland’s first IPO of the year, could give the vacuum valve maker a valuation of up to Sfr1.38bn ($1.4bn).

UBS has joined a growing list of European banks ramping up their senior holding company level issuance in 2016, printing a large three tranche deal in dollars as demand for the product surges.

Trafigura, the commodity trading company, cut the margin of its European loan in its latest refinancing to the lowest level since before the global financial crisis, but also received fewer commitments.

The Canton of Geneva has printed a 20 year bond with what bankers on and off the deal say is the lowest ever coupon at that tenor for a Swiss public sector issuer.

Gazprom has set the spread on its first post-sanctions Swiss franc bond, a short dated note that is offering plenty of juice to yield starved private bank investors, according to bankers.

UBS wasted no time in using the rally induced by more European Central Bank stimulus on Monday, launching the first additional tier one transaction since a sharp sell-off had some predicting the death of the product last month.