In the wake of Credit Suisse (SIX:CSGN)'s collapse, major banks including UBS Group AG (SIX:UBSG), Deutsche Bank AG (NYSE:DB), and BNP Paribas (OTC:BNPQY) SA have capitalized on the opportunity in the 'Swissies' market. The market, which boasts lower borrowing costs than the euro area, has seen debt sales amounting to 46.5 billion Swiss francs.
UBS has emerged as a dominant player in this resurgent market, securing a 41% share this year. Meanwhile, Deutsche Bank has significantly increased its market share, a move that coincides with Fresenius SE (ETR:FREG)'s recent bond sale of 275 million Swiss francs. Deutsche Bank is further strengthening its foothold by bolstering its Zurich team with new hires.
Zuercher Kantonalbank and Raiffeisen Switzerland have also managed to maintain steady shares in this market. The primary market has remained unaffected amidst rising yields, as noted by Markus Thoeny of Lombard Odier Asset Management. Additionally, the Swiss franc's robust performance against the euro has been noteworthy.
This shift in the 'Swissies' market dynamics follows the downfall of Credit Suisse and suggests a competitive landscape for Swiss debt as major banks vie for increased market shares.
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