UBS

Gazprom ended a three year absence from the Swiss franc market this week by attracting a large amount of retail participation in a Sfr600m ($653.4m) deal that launched at an attractive spread.

Rating: A3/—/A

UBS sold its first green bond this week, bringing the deal at the tightest euro senior spread of the year so far. Further labelled issuance is set to follow, with UniCredit preparing a green debut of its own.

Glarner Kantonalbank dipped into the tier two market this week to raise an index eligible bond that may fund the redemption of the additional tier one (AT1) the bank rolled over in December due to coronavirus volatility. GLKB was joined on screens by a flurry of financial activity out of Chile.

NatWest jumped into a dollar market in search of additional tier one (AT1) paper on Wednesday morning, as investors shrugged off short term volatility to open their "deep pockets".

Yorkshire Building Society paid a rare visit to the euro market on Tuesday as it offered a small premium for a €600m preferred senior deal. Bankers expect issuance to slowly dry up over the next few weeks as the market prepares for the summer break.

UBS made its first foray into the green bond market as an issuer on Monday, landing a €500m operating company deal at a level bordering on zero yield, which could embolden other lower spread issuers to follow. The visit to euros was paired with a seven year deal in the Swiss bank’s home market.

China’s Full Truck Alliance (FTA), billed as an Uber-style service for trucks, has raised $1.56bn from its New York IPO. A wave of global demand pushed final pricing to the top of the guidance, said a banker close to the deal.

Gazprom is set to access the Swiss franc market this week to sell its first trade in the currency for over three years.

Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.

SCE Intelligent Commercial Management has hit the road with its Hong Kong IPO. It is looking to raise up to HK$2.3bn ($296.2m).

A trio of borrowers looked to slip in with conventional senior deals ahead of Wednesday’s US Federal Reserve meeting, with each paying a small premium to do so.