Switzerland

The Eurodollar corporate bond market, in limbo for more than a year, coughed back into life today as Nestlé, its stalwart issuer, returned after a long absence for a modestly sized issue.

Santander Consumer Finance took advantage of relatively stable conditions in the Swiss franc market on Tuesday to print just its second bond in the currency.

UBS launched the first euro senior bank holding company bond of the year on Thursday, but bankers were divided over the trade’s pricing, as well as whether more could follow.

UBS Group Funding

Even though the Swiss franc/dollar cross currency swap has been trading in negative territory through January and February, Amgen, the US biotechnology company, made an impressive debut in Swiss francs this week with a seven year bond, the largest in the currency this year.

UBS launched the first euro senior holdco deal of the year on Thursday and despite the trade’s strong reception and competitive pricing, bankers remain divided over whether more can follow.

Dutch lender, ABN Amro returned to the Swiss franc market on Friday with a 8.9 year note, making it the third FIG issuer this week to take advantage of arbitrage opportunities in this market.

Zurich Insurance sold a Sfr200m hybrid bond on Thursday, benefiting from the relative resilience of its home market as Swiss franc investors got their first taste of insurance capital this year.

Two FIG issuers this week took advantage of good conditions to tap the Swiss franc market, revealing an opportunity for other banks to escape widened euro and dollar spreads.

Marcel Koebeli, the country head of Switzerland at Barclays, has left the bank.

SpareBank 1 Nord-Norge took advantage of good conditions in Swiss francs on Thursday to print its second deal in the currency.

Goldman Sachs printed its largest ever deal in Swiss francs on Wednesday, revealing an opportunity for other banks escaping widened euro and dollar spreads.