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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.

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  • nxtAssets lists Bitcoin and Ethereum ETPs on SIX 

    nxtAssets GmbH has listed on SIX Swiss Exchange its first physically backed Exchange Traded Products (ETPs): nxtAssets Bitcoin direct (ISIN: DE000NXTA018) and nxtAssets Ethereum direct (ISIN: DE000NXTA026). The products are also traded on Deutsche Börse via Xetra. The ETPs are fully backed by physical holdings of Bitcoin and Ethereum, with custody provided by Crypto Finance Deutschland GmbH. The launch enables Swiss investors to access the leading cryptocurrencies directly via their existing securities accounts. nxtAssets is a newly established issuer of collateralized crypto ETPs and a joint venture of several financial institutions, including Bergos, Bank Vontobel, Interactive Brokers (via IBKR Financial…

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    CapLaw

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    Read more: nxtAssets lists Bitcoin and Ethereum ETPs on SIX 
  • 21Shares AG lists Dogecoin-linked ETP on SIX

    On 9 April 2025, 21Shares AG, a leading global issuer of crypto ETPs, successfully issued and listed on the SIX Swiss Exchange its new 21Shares Dogecoin ETP (DOGE). This ETP is linked to and fully physically collateralized by Dogecoin and is traded in USD and EUR.  For this ETP, 21Shares AG has formed an exclusive partnership with the House of Doge to create a first-of-its-kind Dogecoin ETP endorsed by the Dogecoin Foundation.

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    CapLaw

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    Read more: 21Shares AG lists Dogecoin-linked ETP on SIX
  • New Zealand LGFA issues CHF 220 million debut notes 

    On 2 April 2025, New Zealand Local Government Funding Agency Limited successfully completed its inaugural CHF-denominated bond issuance under its Euro Medium Term Note (EMTN) Programme. The CHF 220 million 0.77% fixed rate notes are due in 2032 and are guaranteed by certain New Zealand local authorities. The notes are governed by English law and have been provisionally admitted to trading on SIX Swiss Exchange, with an application for definitive listing already filed. UBS Investment Bank and BNP Paribas (Suisse) SA acted as joint lead managers.

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    CapLaw

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    Read more: New Zealand LGFA issues CHF 220 million debut notes 
  • Swiss Re launches USD 10 billion multi-currency debt issuance program

    On 1 April 2025, Swiss Re launched, under its USD 10 billion Debt Issuance Programme, an offering of: (i) EUR 750 million Guaranteed Subordinated Fixed Rate Reset Notes with a Scheduled Maturity in 2033; (ii) USD 750 million Guaranteed Subordinated Fixed-to-Floating Rate Notes with a Scheduled Maturity in 2046; and (iii) SGD 450 million Guaranteed Subordinated Fixed Rate Reset Notes with a Scheduled Maturity in 2031. BNP PARIBAS; Banco Santander, S.A.; Citigroup Global Markets Limited; Deutsche Bank AG; UBS AG; Barclays Capital Inc.; J.P. Morgan Securities LLC; Morgan Stanley & Co. LLC; RBC Capital Markets, LLC; BofA Securities, Inc.; Wells Fargo…

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    CapLaw

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    Read more: Swiss Re launches USD 10 billion multi-currency debt issuance program
  • Sika‘s CHF 500 million bond issuance

    In March 2025, Sika AG placed bonds totaling CHF 500 million across three tranches. The payment date of the new bonds was 24 March 2025, and the new bonds were listed on SIX Swiss Exchange. The net proceeds of the bond issuance are used for general corporate purposes, including the refinancing of existing financial indebtedness.  The banking syndicate for this transaction consisted of UBS, BNP Paribas and Zürcher Kantonalbank.

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    CapLaw

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    Read more: Sika‘s CHF 500 million bond issuance
  • Green Shoots in Winter: The Revival of the Swiss IPO Market?

    After several years of subdued activity, the IPO market in Switzerland underwent something of a resurgence in 2024. This revival was underpinned by key transactions, a shift in investor sentiment, and broader trends in European capital markets, all of which have contributed to renewed confidence in the viability of Swiss public listings. Looking toward 2025 and beyond, while certain fundamental questions remain about market depth, investor appetite and macroeconomic stability, there are reasons to have an optimistic outlook regarding the future of the Swiss IPO landscape.

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    Deirdre Ní Annracháin

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    Read more: Green Shoots in Winter: The Revival of the Swiss IPO Market?
  • Lift of Swiss Protective Measures Against EU Trading Venues

    On 29 January 2025, the Swiss Federal Council (the Federal Council) decided to lift protective measures introduced when the European Union (EU) refused to recognize Swiss stock exchanges as equivalent, as of 1 May 2025. This article provides an overview of the situation so far, the decision of the Federal Council and its impact on the Swiss financial market and Swiss issuers.

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    Urs Kägi

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    Florian Schweighofer

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    Read more: Lift of Swiss Protective Measures Against EU Trading Venues
  • The Boom of Exchange Traded Products (ETPs)

    ETFs and ETPs have grown to over USD 7 trillion in assets under management (AuM) of which ETPs contributed USD 1 trillion. To reflect on selected key legal aspects which are relevant in the course of this boom the article at hand examines the regulatory framework for ETPs in Switzerland with a focus on structuring as well as listing requirements. It further highlights the role of special purpose vehicles and collateralization including recent developments such as the SIX Digital Collateral Service (DCS) for cryptocurrency collateral.

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    Luca Bianchi

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    Michael Kremer

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    Donja Gehrig

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    Read more: The Boom of Exchange Traded Products (ETPs)
  • M&A Transactions in the Swiss Financial Market – Part II: Asset Deals involving Swiss Regulated Entities

    The Swiss financial market laws provide for a number of regulatory notification and approval requirements which must be adhered to in the context of asset deals involving entities prudentially supervised by FINMA. This article provides an overview of the relevant regulatory requirements which may be applicable in the context of acquiring a portfolio of assets, liabilities and contracts by and/or from a Swiss regulated financial institution.

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    Alexander Wherlock

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    Read more: M&A Transactions in the Swiss Financial Market – Part II: Asset Deals involving Swiss Regulated Entities
  • The Swiss Bankers Association‘s Portfolio Management Guidelines and Digital Assets

    Digital assets, including cryptocurrencies and tokenized „traditional“ financial assets, are playing an increasingly significant role in financial markets. While the Swiss Bankers Association’s Portfolio Management Guidelines (Guidelines) remain a key reference standard for discretionary asset management, they were developed without consideration for these emerging investment options, raising questions about their compatibility with the framework. This article examines whether cryptocurrencies and tokenized assets can be integrated into portfolios managed under these Guidelines and explores whether a regulatory reassessment may be warranted in light of the evolving investment landscape.

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    Valérie Menoud

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    Ariel Ben Hattar

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    Read more: The Swiss Bankers Association‘s Portfolio Management Guidelines and Digital Assets