UBS

Swiss franc bond spreads have failed to tighten as much as they have in the euro market, and the lack of price action meant few issuers ventured out this week. A trio of domestic deals comprised the only new supply.

Hong Kong-listed Country Garden Services Holdings made its equity-linked debut this week, tapping investors for HK$3.88bn ($500m) with a sub-one year zero coupon convertible bond.

Banco Santander wasted no time in heading to the non-preferred senior market this week, with investors responding well to the way in which European banks have been dealing with the coronavirus pandemic in their first quarter results.

UBS generated almost as much profit before tax from its global banking and markets operations in the first quarter as it did across all of last year, it revealed on Tuesday. This was despite taking credit losses and marking down exposures. The bank benefitted from a good turnout in FX and rates and its heavy involvement in a shrunken M&A fee pool.

The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.

Hong Kong-listed Country Garden Services Holdings has tapped equity-linked investors for HK$3.88bn ($500m), selling a sub-one year zero coupon convertible bond.

Chinese property developer Times China Holdings used support from reverse enquiry to seal a quick $200m bond on Monday morning that has raised questions about the unusual execution style.

Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.

Triple-B rated fragrance and flavourings company Firmenich sold its debut bond this week, a short end Swissie deal that was the prelude to dual tranche euro trade.

New ECM head at UniCredit — NIB treasurer heads to SEB — Mills takes up newly created position at UBS

The corporate bond market has returned to some semblance of normality, with Switzerland’s Firmenich and Australia’s APA Group taking the traditional route of holding a roadshow before opening books, and syndicate bankers say the wild, record-breaking weeks for primary issuance are over for now.

Hansoh Pharmaceutical Group, a China-based drug maker, pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares this week.