On 6 January 2026, Ultima Capital SA issued a CHF 100 m common bond loan subscribed for by National Bank of Greece S.A.
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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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Editorial | Switzerland‘s IPO Market: Unlocking the Next Wave of Mid-Cap Listings
ByRichard Schindler
The Swiss IPO market saw a welcome reopening in 2024 and 2025. Galderma, Sunrise, SMG Swiss Marketplace Group and Bioversys demonstrated that SIX Swiss Exchange is a competitive listing venue across deal sizes and sectors. From the perspective of a domestically anchored capital markets bank, this is the right starting point: the infrastructure works, the…
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Back from Moratorium: Bondholder-Driven Restructuring and Going Public
By/Matthias Courvoisier
Kiara Sharifi
This article analyzes the key legal issues in HT5‘s restructuring and return to the public markets. It reviews the hybrid bond reorganization (out-of-moratorium vs. in-moratorium reorganization) and related takeover and reporting questions, as well as the evidentiary approach applied to lifting the moratorium. It further addresses how the shares required for the conversion were made…
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The Impact of the New Swiss ForeignDirect Investment (FDI) Regime onCapital Market Transactions
By/Thomas U. Reutter
Sandro Fehlmann
The Swiss Parliament has approved the Investment Screening Act (ISA) which forms the basis of the Swiss FDI regime, on 19 December 2025. As no popular referendum had been initiated by the end of the respective deadline on 17 April 2026, the ISA will enter into force and the Federal Government is expected to publish…
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The New Payment Instrument InstitutionsLicense under the revised Swiss Financial Institutions Act – An Opportunity forForeign Payment Service Providers?
ByAlexander Wherlock
On 22 October 2025, the Swiss Federal Council initiated the consultation process for a revision of the Financial Institutions Act. The proposed legislation aims to increase financial innovation under the Swiss regulatory framework. Under the revised Financial Institutions Act, the Federal Council, intends to introduce a new license category, the “Payment Instrument Institution“ which will…
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HT5 AG‘s Merger with Centiel SA and Placement of 15,386,988 Shares
ByCapLaw
On 13 April 2026, the shareholders of HT5 AG, a company with shares listed on SIX Swiss Exchange, and Centiel SA approved their merger, creating a listed Swiss technology company active in the uninterruptible power supply (UPS) sector. Trading in the shares of the merged company under the name Centiel AG and the ticker CNTL…
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Mondelēz International‘s Issuance of CHF 850 Million Bonds
ByCapLaw
On 10 April 2026, Mondelēz International, Inc., placed bonds in the aggregate amount of CHF 850 million in Switzerland. The offering included CHF 325 million aggregate principal amount of 0.9575% senior notes due 2029, CHF 245 million aggregate principal amount of 1.2713% senior notes due 2032 and CHF 280 million aggregate principal amount of 1.6250% senior notes due 2036. Deutsche…