UBS

Multiple FIG bonds hit the primary market for the first time in a month on Monday as European bank stocks continued their rebound to ease the pressure on borrowers.

UBS priced its first Swiss franc-denominated senior bond issued out of the holding company on Monday.

UBS’s new global head of debt capital markets has made his first senior hire, naming Vinod Vasan, former co-head of debt origination at Deutsche, co-head of debt capital markets and client solutions coverage EMEA. Vasan’s former co-head at Deutsche, Nigel Cree, has also changed roles and will be running an integrated SSA business for the German bank.

Vinod Vasan, who resigned from Deutsche Bank on Wednesday morning, will be returning to UBS.

An unprecedented sell-off of additional tier one paper led to turmoil across credit and equity markets this week, but a sharp pricing rebound left the FIG market looking much different on Wednesday.

UBS has priced its first Swiss franc-denominated senior bond issued out of the holding company on Monday.

Solera Holdings, the US car insurance software maker, will start on Wednesday meetings with European investors for a $2bn-equivalent bond in dollars and euros to fund its acquisition by Vista Equity Partners.

Solera, the US insurance claims processor, held bank meetings on Tuesday in New York and Wednesday in London for a $1.9bn term loan ‘B’, backing its $6.5bn acquisition by Vista Equity Partners.

The pent-up demand from equity owners to sell down blocks of shares was evident again on Thursday evening, as two deals were launched, after the Euro Stoxx 50 had managed to rise 0.3% on the day.

Credit and equity markets suffered a crisis of confidence this week, with several previously crowded trades rapidly unraveling in the face of rising concerns about European banks, US Federal Reserve policy and a perceived lack of European Central Bank firepower to revitalise the continent’s stagnant economy.

Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.