
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.
CapLaw Themes
- FinSA (FIDLEG) (33)
- FinIA (FINIG) (11)
- Insurance (8)
- Securities (103)
- Regulatory (142)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (531)
- Events (159)
- Other Areas (8)
CapLaw PDF Archive
-
Read more: Banco de Chile‘s Issuance of CHF 100 Million Senior Fixed-rate Social Notes
Banco de Chile‘s Issuance of CHF 100 Million Senior Fixed-rate Social Notes
On 17 July 2025, Banco de Chile successfully closed the issuance of CHF 100 million senior fixed-rate social notes with a six-year maturity and a fixed annual coupon of 1.1875%. The bonds are listed on SIX Swiss Exchange. The net proceeds from the issue of the notes will be used by Banco de Chile to finance new or existing social and environmental projects that meet the eligibility criteria referred to under the Eligible Social Categories or Eligible Green Categories, with a particular focus on Women-Owned Enterprises, as set out in Banco de Chile’s Sustainability Financing Framework.
Reference: CapLaw-2025-70 -
Read more: CoinShares‘ Listing of Staked SEI ETP on SIX Swiss Exchange
CoinShares‘ Listing of Staked SEI ETP on SIX Swiss Exchange
On 28 July 2025, CoinShares listed its Physical Staked SEI exchange-traded product (ETP) on SIX Swiss Exchange, as a zero fee ETP offering regulated exposure to SEI‘s high-performance blockchain infrastructure. CoinShares is publicly listed on Nasdaq Stockholm and the OTCQX.
Reference: CapLaw-2025-71 -
Read more: EQT, ADIA and Auba‘s Placement of 7.1% of Galderma‘s Share Capital
EQT, ADIA and Auba‘s Placement of 7.1% of Galderma‘s Share Capital
On 31 July 2025, a consortium led by EQT together with ADIA and Auba Investment Pte. Ltd., successfully completed the placement of 17 million shares in Galderma Group AG at a price of CHF 123.00 per share via an accelerated bookbuilding process. The placement raised CHF 2.1 billion in total.
Reference: CapLaw-2025-72 -
Read more: UBS‘s Issuance of USD 2 billion Tier 1 Capital Notes with an Equity Conversion Feature
UBS‘s Issuance of USD 2 billion Tier 1 Capital Notes with an Equity Conversion Feature
On 5 August 2025, UBS Group AG successfully completed its offering of USD 1,250,000,000 in aggregate principal amount of 7.000% Tier 1 Capital Notes and USD 750,000,000 in aggregate principal amount of 6.600% Tier 1 Capital Notes. The Notes are “high trigger“ regulatory capital instruments that are eligible to fulfill UBS Group AG’s Swiss going concern requirements. Upon occurrence of a “Trigger Event“ or a “Viability Event“, the Notes will be converted into ordinary shares of UBS Group AG in accordance with their terms. The Notes are governed by Swiss law and have been admitted to trading and are listed…
Reference: CapLaw-2025-73 -
Read more: UBS‘s Issuance of EUR 2 billion Fixed Rate/Fixed RateCallable Senior Notes
UBS‘s Issuance of EUR 2 billion Fixed Rate/Fixed RateCallable Senior Notes
On 11 August 2025, UBS Group AG successfully completed its issuance of EUR 1.25 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due 2036 and EUR 750 million in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due 2031 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG’s Swiss gone concern requirement. The Notes are governed by Swiss law and the Notes have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes,…
Reference: CapLaw-2025-74 -
Read more: UBS‘ Issuance of CHF 510 million Fixed Rate Covered Bonds
UBS‘ Issuance of CHF 510 million Fixed Rate Covered Bonds
On 13 August 2025, UBS Switzerland AG successfully completed its issuance of CHF 235 million 0.560% Fixed Rate Covered Bonds due 13 August 2030, and CHF 275 million 0.935% Fixed Rate Covered Bonds due 13 August 2035, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool.
Reference: CapLaw-2025-75 -
Read more: Zug Estate Group‘s Placement of CHF 100 million Green Bond
Zug Estate Group‘s Placement of CHF 100 million Green Bond
On 21 August 2025, Zug Estates Holding AG successfully placed a CHF 100 million green bond in the Swiss market. The fixed-interest bond carries a coupon of 1.25% and a maturity of seven years. The proceeds will be used to refinance sustainable projects in accordance with Zug Estates‘ Green Finance Framework. Application will be made for admission to trading of the bonds on SIX Swiss Exchange.
Reference: CapLaw-2025-76 -
Read more: Zürcher Kantonalbank‘s Issuance of EUR 500 million Bail-in Bonds
Zürcher Kantonalbank‘s Issuance of EUR 500 million Bail-in Bonds
On 4 September 2025, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 million. ZKB’s Bail-in Bonds, including the newly placed EUR 500 million 3.153% 6NC5 Bail-in Bonds, have been designed and issued on the basis of a legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (Gone-Concern Capital) Bonds. If FINMA orders the partial or complete reduction of the bondholders’ claims under the Bail-in Bonds, the bondholders are entitled to receive Recovery Certificates. Such Recovery Certificates include claims, subject to multiple conditions precedent, for subsequent future compensation payments for the full or partial…
Reference: CapLaw-2025-77 -
Read more: SGS‘s Placement of EUR 1 billion in Bonds
SGS‘s Placement of EUR 1 billion in Bonds
On 4 September 2025, SGS successfully launched two tranches of EUR-bonds through its subsidiary SGS Nederland Holding B.V., which are guaranteed by SGS SA. Both tranches, each amounting to EUR 500 million, were listed and admitted to trading on SIX Swiss Exchange. The use of proceeds will be utilized for general corporate purposes, including the envisaged acquisition of Applied Technical Services (ATS). BNP PARIBAS, Citigroup, HSBC and UBS acted as Active Joint Lead Managers, while CIC Market Solutions, J.P. Morgan and Société Générale Corporate & Investment Banking acted as Passive Joint Lead Managers.
Reference: CapLaw-2025-78 -
Read more: UBS‘s Issuance of CHF 1 billion Fixed Rate Covered Bonds
UBS‘s Issuance of CHF 1 billion Fixed Rate Covered Bonds
On 9 September 2025, UBS Switzerland AG successfully completed its issuance of EUR 1 billion 2.783% Fixed Rate Covered Bonds due 9 September 2030, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool.
Reference: CapLaw-2025-79