UBS

Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

The pipeline for equity capital raisings out of Southeast Asia is filling up nicely, with issuers from the Philippines, Vietnam, Bangladesh and Singapore looking to launch deals.

Grand City Properties, the German residential property firm, printed eight and a half year bonds on Wednesday, in the second foreign real estate deal in Swissies since 2013.

The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job.

Gazprom is looking to enter the Swiss franc market for the fifth time, mandating four banks to arrange meetings for a benchmark bond. After Moody’s upgraded the Russian company to investment grade, the arrangers are particularly confident of Swiss interest.

In stark contrast with a mute high yield bond market, leveraged loan investors were expecting more than €5bn of new deals on Monday, including a $725m-equivalent deal from Swedish trade technology provider Itiviti, which includes a triple-C rated second lien.

Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.

Export-Import Bank of Korea (Kexim) is planning a return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target. It also went to the Swiss franc market this week.

National Australia Bank (NAB) and Société Générale both entered the Swiss market on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically in Swiss francs.

Singapore is set to host its first IPO from Bangladesh, with Summit Power looking to hit screens in early March, said bankers close to the deal.

Petrol station forecourt company EG Group’s credit worthiness has come under pressure after the UK firm announced $2.15bn of debt-financed acquisition plans last week.

The Export-Import Bank of Korea (Kexim) printed in Swiss francs on Monday. That was a sign, said bankers in Zurich, that the market is more resilient than others in times of broader volatility, and could welcome more emerging market names in the coming months.