On 26 November 2020 gategroup Holding AG (gategroup, together with its subsidiaries the “Group”) announced that its shareholders, RRJ Capital and Temasek, and all of the Group’s bank lenders under the senior facilities agreement dated 30 November 2018 have agreed to the key terms and conditions of a comprehensive recapitalisation of gategroup and amendments of the Group’s financial indebtedness instruments. As part of the transaction, the shareholders, through their affiliates, have entered into a CHF 200 million senior secured interim liquidity facility with gategroup and will contribute, subject to certain conditions, overall CHF 500 million of new funding. The transaction will allow gategroup to weather the current headwinds caused by the dramatic downturn in travel demand as a result of COVID‑19 and position itself for a post-COVID future as a leaner business. The transaction is conditional on the extension of the maturity of the Group’s CHF denominated bond to February 2027.
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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.
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BX DIGITAL: THE FIRST DLT TRADING FACILITY IN SWITZERLAND
ByFabian Friedli
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.
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Proposed Amendment of Swiss Capital Adequacy Ordinance regarding AT1 Instruments – a First Assessment by Practitioners
By/Stefan Kramer
Benjamin Leisinger
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.
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Zürcher Kantonalbank‘s issuance of EUR 500 million Bonds
ByCapLaw
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…
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Merger of Aebi Schmidt Group and The Shyft Group with Listing on NASDAQ
ByCapLaw
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…
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Ultima Capital‘s Contribution of Nammos Mykonos
ByCapLaw
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…
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Raiffeisen‘s Inaugural Issuance of Green Bonds
ByCapLaw
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…