Welcome to CapLaw

CapLaw is a digital newsletter with international reach established and led by the General Editors. We provide up-to-date information on legal and regulatory developments regarding the capital markets, publish concise articles on developments in the Swiss and international financial markets, and announce recent deals and forthcoming events. CapLaw is addressed to all Swiss and international lawyers, in-house counsel, financial institutions and corporates, as well as those who are interested in the Swiss capital markets.

The General Editors
René Bösch, Homburger AG
Matthias Courvosier, Baker McKenzie Switzerland AG
Benjamin Leisinger, Homburger AG
Ralph Malacrida, Bär & Karrer AG
Nina Reiser, University of St.Gallen
Thomas Reutter, Advestra AG
Patrick Schleiffer, Lenz & Staehelin
Philippe A. Weber, Niederer Kraft & Frey AG
Thomas Werlen, Quinn Emanuel Urquhart & Sullivan, LLP

CapLaw Themes
CapLaw PDF Archive
  • BX DIGITAL: THE FIRST DLT TRADING FACILITY IN SWITZERLAND

    BX Digital AG received the first license from FINMA to operate a DLT trading facility on 12 March 2025. It is also the first financial market infrastructure for the trading and settlement of DLT securities based on a public permissionless blockchain.

    By

    Fabian Friedli

    Reference:
    Read more: BX DIGITAL: THE FIRST DLT TRADING FACILITY IN SWITZERLAND
  • Proposed Amendment of Swiss Capital Adequacy Ordinance regarding AT1 Instruments – a First Assessment by Practitioners

    On 6 June 2025, the Swiss Federal Council published proposed amendments to the Swiss Capital Adequacy Ordinance, including „more precise information on the term and suspension of interest payments for AT1 capital instruments.“ The authors question the necessity of these changes and warn against using opaque terms and „hard triggers“ without any exemptions.

    By

    Stefan Kramer

    /

    Benjamin Leisinger

    Reference:
    Read more: Proposed Amendment of Swiss Capital Adequacy Ordinance regarding AT1 Instruments – a First Assessment by Practitioners
  • Zürcher Kantonalbank‘s issuance of EUR 500 million Bonds  

    On 8 July 2025, Zürcher Kantonalbank successfully completed its issuance of EUR 500 million 2.762%. Fixed Rate Bonds due 2030 (the Bonds). The senior unsecured bonds have been issued under Zürcher Kantonalbank‘s Swiss base prospectus consisting of the applicable summary and securities note for the issue of bonds and STNs of Zürcher Kantonalbank dated 20…

    By

    CapLaw

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    Read more: Zürcher Kantonalbank‘s issuance of EUR 500 million Bonds  
  • Merger of Aebi Schmidt Group and The Shyft Group with Listing on NASDAQ

    On 1 July 2025, the Swiss specialty vehicle manufacturer Aebi Schmidt announced the successful completion of its merger with The Shyft Group, thereby creating a world-class specialty vehicles leader with sales of approx. USD 2 billion per year and 70 locations worldwide. The shares of the combined Aebi Schmidt Group (NASDAQ: AEBI) started trading on…

    By

    CapLaw

    Reference:
    Read more: Merger of Aebi Schmidt Group and The Shyft Group with Listing on NASDAQ
  • Ultima Capital‘s Contribution of Nammos Mykonos

    Ultima Capital SA (Ultima), a Swiss luxury real estate owner and operator listed on BX Swiss, conducted its second contribution in kind of real estate assets by its largest shareholder Yoda PLC (Yoda). The contributed assets are pertaining to the Nammos Village and restaurant real estate in Mykonos, Greece. The assets were valued at EUR 133.7…

    By

    CapLaw

    Reference:
    Read more: Ultima Capital‘s Contribution of Nammos Mykonos
  • Raiffeisen‘s Inaugural Issuance of Green Bonds

    On 27 June 2025, Raiffeisen Schweiz Genossenschaft successfully completed its issuance of CHF 250 million 0.785% fixed rate green bonds due 2030 under its issuance program for money market instruments, bonds and green bonds. This issuance marks the first issuance of a green bond by Raiffeisen Schweiz Genossenschaft.  Raiffeisen Schweiz Genossenschaft acted as Sole Lead Manager…

    By

    CapLaw

    Reference:
    Read more: Raiffeisen‘s Inaugural Issuance of Green Bonds
  • República Oriental del Uruguay‘s Placement of InauguralCHF 320 Million

    On 26 June 2025, the República Oriental del Uruguay, acting through the Ministry of Economy and Finance of the Republic of Uruguay and represented by the Sovereign Debt Management Unit, placed a total of CHF 320 million bonds in the Swiss market. The bonds comprised two equal tranches of CHF 160 million at 5 and…

    By

    CapLaw

    Reference:
    Read more: República Oriental del Uruguay‘s Placement of InauguralCHF 320 Million
  • Idorsia‘s Public Repurchase Offer to Exchange Convertible Bonds

    On 25 June 2025, Idorsia Ltd published its public repurchase offer to exchange its CHF 200 million senior unsecured convertible bonds due 2025 and its CHF 600 million senior unsecured convertible bonds due 2028. The Bonds will be exchanged for an offer consideration consisting of (i) a series of newly issued „Pay-If-You-Can“ notes with waterfall…

    By

    CapLaw

    Reference:
    Read more: Idorsia‘s Public Repurchase Offer to Exchange Convertible Bonds
  • Holcim‘s Spin-off of Amrize

    On 23 June 2025, Holcim AG completed the spin-off and public listing of its North American business, Amrize, and Amrize Ltd debuted as independent publicly traded company. The Amrize shares were listed on the New York Stock Exchange and on the SIX Swiss Exchange (SIX). The spin-off has been effected through a tax-neutral dividend-in-kind distribution…

    By

    CapLaw

    Reference:
    Read more: Holcim‘s Spin-off of Amrize
  • Julius Bär Group‘s Notes Issuance

    On 19 June 2025, Julius Bär Group Ltd. issued EUR 500 million notes. The issuance occurred indirectly through the ELM issuance vehicle, a repackaging issuance entity incorporated in the Netherlands. The notes were be listed on Euronext Dublin.  For the notes, UBS AG, London Branch, BNP PARIBAS, Citigroup Global Markets Europe AG and J.P. Morgan…

    By

    CapLaw

    Reference:
    Read more: Julius Bär Group‘s Notes Issuance