Switzerland
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UBS has taken over $7.5bn of orders for its latest AT1 offering, an impressive feat given the trade was Reg S only and was executed on the last Friday of July. -
Zurich-based Swiss Reinsurance Company (Swiss Re) received the first quota in the RMB qualified foreign institutional investors (RQFII) programme among Swiss asset managers on July 29, according to the latest data from the State Administration of Foreign Exchange (Safe).
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European banks are being urged to use a wide open dollar market before the US Federal Reserve hikes rates later this year, with Royal Bank of Scotland and UBS already lining up dollar additional tier one trades, writes Tom Porter.
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Citigroup has hired Deutsche Bank’s head of equity capital markets for France to build its market share across France, Benelux and Switzerland.
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UBS will begin issuing TLAC-eligible holding company debt in the third quarter of this year, when it also plans to return to the additional tier one (AT1) market it debuted in earlier this year.
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Swiss travel retailer Dufry began roadshowing on Monday its €500m high yield bond, part of the financing package to support its buyout of World Duty Free.
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International financial new issue supply returned to the Swiss market this week after a lull of more than a month, as ABN Amro and National Australia Bank priced new seven year bonds.
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Reinsurance company Swiss Re has received the first RMB qualified foreign institutional investor licence in Switzerland. Meanwhile, Singapore-based UOB Asset Management has told GlobalRMB that it will launch three new RQFII products before the end of 2015.
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In this round-up, South Korean RMB deposits fell in May, China's RMB denominated trade settlement also fell, SIX Swiss Exchange signed an MoU with Shanghai Stock Exchange, and the London Stock Exchange signed an agreement with Haitong Securities to co-operate on launching RMB-denominated ETFs in London.
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The Swiss National Bank announced on January 21 that it had received an Rmb50bn ($8.05bn) RMB qualified foreign institutional investors (RQFII) quota. Switzerland is the fourth European country to receive a quota, bringing the full size of the programme to Rmb820bn.
