Switzerland

Credit Suisse will raise Sfr6bn of new equity and float its Swiss domestic arm, as part of a strategic overhaul in which it is also making big bets on Asia and wealth management.

Akademiska Hus AB, the Swedish state-owned property company, on Monday ended a four year absence from the Swiss franc market with a 10 year note.

Vitol, the Switzerland-headquartered oil trader, has signed its annual loan refinancing, increasing the loans from $7.5bn to $8bn.

Commodity trader Gunvor has launched its $1bn annual loan refinancing, following a deal for its Asian subsidiary that doubled in size after strong demand from lenders.

In recent years, the credit markets have become accustomed to volatility, despite the best efforts of central banks to tame the beast. But where it was sovereigns and banks that were the instigators during the crises of 2007-2012, in 2015 it is the commodities sector that is providing the oscillations.

Glencore's bonds are attracting the interest of high yield investors, after their sharp widening this week that accompanied a steep fall in the mining and commodities group's share price.

UBS pulled in $13bn of demand for a holdco senior debut in dollars this week, which for some bankers showed the gulf between attitudes towards loss-absorbing debt on either side of the Atlantic.

Coca-Cola made an impressive debut in Swiss francs on Tuesday with a three tranche deal that matched Shell’s August record-breaker in size.

UBS made a successful holdco debut in the US markets on Monday. More than $13bn of demand propelled the triple tranche note inside Credit Suisse’s indicative secondary curve.

Iron ore pellet producer Ferrexpo’s talks to reprofile pre-export finance (PXF) debt have taken on an added urgency, after a Ukrainian lender in which the firm held some $174m was declared insolvent.

Everything fell into place for Glencore’s $2.5bn capital raising on Tuesday evening, as the company managed to raise its target sum with an accelerated bookbuild as a 9.99% share of its equity, just below the trigger for a rights issue.

Symetis, the Swiss company that makes heart valves, began the bookbuild for its Sfr80m IPO on the SIX Swiss Exchange on Tuesday.