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On 23 May 2025, Dufry One B.V. issued EUR 500 million 4.50% Senior Notes due 2032 guaranteed by Avolta AG and certain of its subsidiaries. Banca Akros SpA, BNP Paribas, ING Bank N.V., Landesbank Baden-Württemberg, Banco Santander S.A. and UBS AG London Branch acted as joint global coordinators and joint bookrunners.

On 14 May 2025, Caterpillar Financial Services Corporation (Cat Financial) successfully completed its inaugural CHF 375 million Swiss franc bond issuance, under standalone Swiss law documentation. Cat Financial is a subsidiary of Caterpillar Inc. Cat Financial provides a range of financing solutions – including for machines, engines, parts, and services – to customers of Caterpillar Inc.

On 12 May 2025 and 9 May 2025, respectively, UBS Group AG completed its issuance of (i) EUR 1.25 billion in aggregate principal amount of Floating Rate Callable Senior Notes due 2029 and (ii) USD 1.75 billion in aggregate principal amount of Fixed Rate/Floating Rate Callable Senior Notes due May 2036, each 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 have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes, on…

In May 2025, Sportradar Group AG completed its USD 517.5 million underwritten secondary public offering by certain selling shareholders. As part of the transaction, the company implemented a conversion of a certain amount of its class B shares into class A shares and, concurrently with the secondary public offering, repurchased own shares in the amount of USD 65.5 million. Goldman Sachs & Co. LLC and J.P. Morgan acted as lead book-running managers for the offering.

In May 2025, a consortium led by EQT, together with ADIA and Auba Investment Pte. Ltd., successfully placed 19,031,811 shares in Galderma Group AG at a price of CHF 97.75 per share via an accelerated bookbuilding process. The placement raised CHF 1.86 billion in total. Galderma participated in the placement by agreeing to repurchase 2.38 million shares for a total consideration of ca. CHF 233 million, at the same price per share determined by the bookbuilding process.

On 23 April 2025, DeXentra GmbH, a Swiss start-up specializing in the exploration and extraction of oil and gas reserves, launched a public offering for up to USD 60 million of the OilXCoin. The OilXCoin is a debt instrument backed by DeXentra‘s oil and gas assets and inventories, issued in the form of a ledger-based security under Swiss law. The proceeds from this offering will be used to finance the expansion and development of DeXentra‘s business operations. The OilXCoin were publicly offered in Switzerland, the European Union under the EU Growth Prospectus regime, as well as in a Regulation D…

Banque Cantonale de Genève successfully tapped the EUR-bonds market for the first time and issued bonds in the aggregate principal amount of EUR 500 million. The bonds have a coupon of 3.414% and will mature in 2030. BNP PARIBAS acted as Lead Manager while Banque Cantonale de Genève acted as Co-Manager.