Emissions und Finanz AG Resilient Borrowing Bank Support

UBS affirms EFIAG's BBB+ rating with a Stable outlook, reflecting the resilient financial performance and robust capitalization of its member Swiss regional banks. The report views EFIAG's 2028 bond as fairly valued while monitoring the emergence of a new covered bond platform.

Key Takeaways

• 1.EFIAG's credit rating is a direct pass-through of the credit profiles of its borrowing banks, currently affirmed at BBB+.
• 2.The underlying borrowing banks, primarily WIR Bank, Regiobank Solothurn, and Alpha Rheintal Bank, show resilient FY25 results with sound capitalization.
• 3.EFIAG's sole outstanding CHF 2028 bond is considered fairly valued despite limited liquidity.

Table of Contents

• Issuer credit view
• Investment case
• Issuer description
• Borrowing banks remain resilient
• EFIAG Covered Bond AG: Competing funding platform, but no material impact on EFIAG
• WIR Bank (WIR)
• Regiobank Solothurn
• Alpha Rheintal Bank
• Other borrowing banks
• Required disclosures
• UBS CIO risk views
• UBS CIO valuation views
• Sell recommendations
• Issuer valuation views

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