Switzerland

UBS is raising a loan secured against a pool of its mortgages from Pfandbriefbank Schweizerischer Hypothekarinstitute, which is funding the loan by selling mortgage bonds backed by the collateral to a group of Swiss financial institutions.

Pfandbriefzentrale der schweizerischen Kantonalbanken issued a Sfr450m dual tranche transaction this (Wednesday) morning. The first tranche was a Sfr235m three year bond at 4bp over mid-swaps, the second a Sfr215 seven year priced at 9bp over.

In brief: Pfandbriefzentrale Schweizerischer Hypothekarinstitute raised Sfr310m through a dual tranche deal on Tuesday.

In brief: Yesterday (Wednesday) Pfandbriefzentrale der Schweizerischen Kantonalbanken increased its 3.5% October 2011 bond by Sfr180m, taking the total to Sfr680m.

Yesterday (Monday) Pfandbriefbank Schweizerischer Hypothekarinstitute issued a dual tranche deal totalling Sfr757m (Eu489m), showing an immunity to the turmoil elsewhere. However, the issuance included a new short maturity.

In brief: Pfandbriefbank schweizerischer Hypothekarinstitute found demand focused at the short end when it came to market with a Sfr340m dual tranche bond this week.

In brief: Pfandbriefzentrale der schweizerischen Kantonalbanken priced a dual tranche issue in the domestic Swiss franc market yesterday (Wednesday), raising Sfr550m.

Credit Suisse could become the first Swiss bank to issue a standalone covered bond and the first outside the country’s Pfandbrief Act, The Cover understands.

In the Swiss franc market Pfandbriefbank Schweizerischer Hypothekarinstitute returned to the bond market after just three weeks, with a Sfr600m dual tranche transaction.

An air of despondency settled over the Swiss franc bond market this week, after last week showed promise, with five varied and well executed deals in testing market conditions. However, a domestic issue for Pfandbriefzentrale der Schweizerischen Kantonalbanken lit up the market with the largest deal of the month.

Pfandbriefbank Schweizerischer Hypothekarinstitute - the Pfandbrief-issuing bank for the non-cantonal banks in Switzerland - made its largest single visit to the market on Tuesday. The Sfr1.15bn (Eu709m) multi-tranche domestic deal featured a broad range of maturities in an attempt to capture the attention of the full spectrum of investors after the issuer received regulatory approval for it shortest maturity to date.