UBS

Yageo Corp, a Taiwan-based electronic components manufacturer, has raised $650m from an issue of global depositary shares (GDS), boosting the final offer size on strong institutional investor demand.

BNP Paribas and Crédit Agricole have become the first euro area banks to launch senior bonds for nearly two months. They joined UBS in the euro market on Tuesday, taking advantage of a recent rally in credit spreads across the sector.

Infrequent issuers are slowly returning to the Swiss franc market. During the past week, Eurofima brought its first Swissies deal in six years, while biotech firm Lonza printed its first bond in any currency since 2017.

Svenska Handelsbanken was the only financial institution to issue senior debt in euros this week. The issuance came at a time Swedish banks have been granted an extension of two years to comply with regulatory targets for MREL debt, which might make a short-term dent in issuance.

The State of Qatar and the Emirate of Abu Dhabi looked to sell bonds this week in the wake of extreme oil price volatility that has left commodity exporters with fragile fiscal positions.

The controlling shareholder of South Korean entertainment company Studio Dragon raised W166.1bn ($136.2m) this week after selling a portion of its stake.

Svenska Handelsbanken attracted €8.5bn of demand for a new preferred senior bond on Monday, as credit markets started the week on a strong footing. The Swedish lender said the transaction would help it to ‘prudently manage’ its liquidity position.

Having dropped off in early March, Swiss franc issuance has bounced back in the last fortnight, buoyed by returning investors flocking to low investment-grade rated borrowers, like triple-B rated cement manufacturer LafargeHolcim, and piling into a record-breaking foreign covered bond.

Lloyds Bank Corporate Markets spied an opportunity to launch a new senior bond on Thursday, with credit markets performing well despite the tougher backdrop in equities this week.

Charoen Pokphand Group has invited banks to join a $7.5bn dual-currency loan in senior syndication. The deal will support the Thai conglomerate’s acquisition of Tesco’s Asia business.

Issuers and investors in the Swiss franc market are grappling with much wider spreads on domestic and foreign issuers because of the volatility around the coronavirus pandemic.

Zur Rose, a Swiss online pharmacy group, revived the primary equity-linked bond market in Europe this week, issuing a debut Sfr175m five year convertible bond as demand for its services increases amid the Covid-19 crisis.