Switzerland

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.

In this round-up, the Swiss franc set to become directly convertible with RMB, CCB gets a Zurich branch, QDII2 could launching in Shanghai FTZ, booming RMB trade in Korea, Los Angeles tries to get the edge, DBS launches in Qingdao to leverage Belt and Road plans, and CSOP launches two new China ETFs in New York.

Credit Suisse won praise from equity capital markets bankers this week for a neat two-step plan to raise Sfr6bn of new capital, as part of a complete new strategy for the bank, announced by CEO Tidjane Thiam in a marathon series of conference calls on Wednesday, writes Jon Hay.

Wells Fargo printed an impressive second Swiss franc deal for the year on Thursday, attracting strong demand not only from retail and private banking investors but also asset managers, insurance and pension funds.

Julius Baer has announced plans to issue a Singapore dollar-denominated Basel III additional tier one (AT1). If it goes ahead with the deal, the Swiss firm will be the first foreign bank to issue an AT1 in the city state.

The Swiss Federal Council has announced a higher leverage ratio of 5% for Credit Suisse and UBS, as well as outlining how it plans to bring in total loss absorbing capital (TLAC) rules for the two banks.

Credit Suisse has picked Citigroup, HSBC and Société Générale to underwrite its Sfr4.7bn rights issue, which will follow a private placement of Sfr1.35bn to anchor shareholders.