Switzerland

UBS has announced a tender offer for a number of deals including one dollar denominated covered bond. The announcement comes in response to an earlier pledge to build up its Total Loss Absorbing Capacity (TLAC), which should be credit positive for its covered bonds, even though the programme is being wound down.

Crédit Agricole braved the markets on Friday to price its third transaction in Swiss francs this year.

Nestlé made a grab for sterling on Tuesday, issuing a five year benchmark bond that brought in orders from outside the UK.

US medical manufacturer Danaher priced a Sfr750m ($733.92m) triple tranche Swiss franc bond on Tuesday, the fourth largest corporate issuance in the currency this year.

The Canton of Aargau launched a dual tranche deal on Thursday, its first bond since 2010, with one leg carrying a negative yield.

The US medical manufacturer has priced a Sfr750m ($733.92m) triple-tranche Swiss franc bond on Tuesday, making it the fourth largest corporate issuance in the currency this year.

Petroleos Mexicanos (Pemex), the Mexican gas and oil producer, made an impressive return to the Swiss franc market on Thursday with a five year Sfr600m note, drawing hefty demand from asset managers and retail investors.

Swiss franc issues from international borrowers have declined markedly in the last two weeks with syndicate bankers blaming basis swaps which have moved more deeply negative.

Pfandbriefbank, the Swiss mortgage lender, raised Sfr754m ($748m) in a four tranche bond on Tuesday, drawing a strong demand from insurance investors in the Swiss domestic market.

Swiss franc issues from international borrowers have declined drastically in the last two weeks as the Swiss franc basis swap has moved more deeply negative, Swiss franc syndicate bankers told GlobalCapital on Tuesday.

In this round-up, Moscow Exchange sees fall in both spot and swap trading, South Korea deposits drop for sixth consecutive month, and the Swiss franc is now directly convertible with the onshore RMB. Plus, a recap of GlobalRMB’s top stories this week.

UBS enjoyed strong demand on Monday for its first holdco level senior debt in euros, with market participants divided on how its pricing compared to opco levels.