Switzerland

The Financial Stability Board has reported progress in implementing over-the-counter derivatives market reforms, but has also highlighted where it believes further work is needed and is seeking further market feedback.

Swiss foods group Nestlé issued a €500m no-grow bond today, clinching a 25bp spread over mid-swaps and still drawing a €1.6bn order book.

Credit Suisse made good use of money market funds to secure €1.5bn in two year floating rate note on Wednesday.

Switzerland's largest canton returned to the Swiss franc market after a long absence on Tuesday with a 12 year deal that was heavily oversubscribed.

The Scandinavian bank returned to the Swiss franc market with a new eight year senior unsecured benchmark bond on Tuesday, following strong demand from local institutional investors

Increased market volatility in foreign exchange, derivatives and equities has driven improved investment bank results at UBS. The same volatility has hurt earnings at several other banks reporting this week.

UBS announced the future sale of a euro denominated holding company transaction this week, as UK and Swiss banks look to get investors on board with the shift of issuance away from operating companies.

Deutsche Bahn priced a Sfr175m 10 year bond on Monday, its first issue in Swiss francs for over a year.

Credit Suisse has added two teams of 11 banks to the underwriting syndicate for its Sfr4.7bn rights issue, after announcing Citigroup, HSBC and Société Générale as the lead underwriters last week.

ING is awaiting commitments from Gategroup’s relationship banks for a €250m facility it underwrote last week, according to a banker on the deal.

Liechtenstein based LGT Bank tapped the Swiss franc market on Thursday, enjoying strong demand from local pension funds, insurance companies and bank treasury desks.

Trad-X, the trading platform for global interest rate derivatives, reported on Monday that is has traded more than $2.5tr of swaps since launch, with 2015 having accounted for over half this volume.