Switzerland

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.

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.