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ZKB

  • FIG
    Swiss franc issuance is increasing following the end of the summer break, with bankers expecting a minimum of four deals to grace the market next week. Banque Cantonale du Valais and EGW looked to get in ahead of this rush with a pair of long dated transactions on Wednesday.
  • BNP Paribas sold its first Swiss franc green bond on Tuesday, navigating concerns over the non-preferred format to twice bump up the size of its Sfr230m ($230.8m) deal. It was joined in the market by Pfandbriefzentrale, which printed two tranches of covered bonds.
  • LGT Bank, a private bank owned by the Princely House of Liechtenstein, priced its return to non-preferred format in under two hours on Monday, while managing to bump up the size and land inside fair value.
  • Kantonsspital Graubünden sold a successful debut bond on Thursday, surprising bankers as it slipped in before the summer break.
  • Macquarie announced the mandate on Wednesday for its first group level Swiss franc bond, to be sold in the coming days.
  • 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.
  • A reverse enquiry from an institutional investor drove Raiffeisen to reopen its Swiss franc additional tier one (AT1) note this week, which was bumped up even further by demand from retail buyers.
  • Bank Julius Baer, the operating company of the private Swiss bank, is set to dip its toes into the euro bond market for the first time.
  • Muenchener Hypothekenbank (MunHyp) harnessed the growing demand for environmental, social and corporate governance (ESG) paper in the Swiss market to land a tap 7bp through the bid side this week. Elsewhere, Toyota ended a 12 year absence from the Swiss franc market to sell the currency’s first automobile deal of the year.
  • Triple-B credit OC Oerlikon achieved a remarkable result on Monday, said bankers, as it issued a Sfr575m three tranche deal, which it will use to fund its acquisition of INglass. It was joined on screens by Pfandbriefbank's smallest deal since 2019.
  • Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.
  • Goldman Sachs found the optimal window to return to the Swiss market this week, as local investors turn towards established names with a bit more yield on offer.
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