Welcome to CapLaw

On 26 February 2025, Thermo Fisher Scientific Inc. successfully placed CHF bonds in the amount of CHF 1.425 billion. The issuance consisted of five tranches. The bonds are governed by Swiss law and application will be made for admission to trading and listing of the bonds on the SIX Swiss Exchange. UBS AG acting through UBS Investment Bank, BNP Paribas (Suisse) SA, and Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch, acted as lead managers.

On 19 February 2025, Julius Baer Group Ltd. successfully issued USD 400 million of 7.5% Perpetual Tier 1 Subordinated Contingent Convertible Bonds (Tier 1 CoCos). The Tier 1 CoCos and all transaction documents are governed by Swiss law. If a trigger event occurs and is continuing on the relevant subsequent trigger test date or if a viability event has occurred, a contingent conversion of the Tier 1 CoCos will occur on the relevant conversion settlement date into shares of Julius Baer Group Ltd. issued out of its conversion capital introduced by the shareholders at the occasion of the annual shareholders…

On 5 February 2025, Luzerner Kantonalbank successfully priced its issuance of CHF 150 million 3.00% Additional Tier 1 Bonds by Luzerner Kantonalbank. The issuance was the first post-Credit Suisse offering of write-down bonds. The issuance closed on 28 February 2025. Zürcher Kantonalbank acted as Structuring Advisor and Joint-Lead Manager and Luzerner Kantonalbank and UBS AG acted as Joint-Lead Managers.

On 29 January 2025, BioVersys AG, a clinical-stage biopharmaceutical company developing and commercializing novel antibacterial products for life-threatening infections domiciled in Basel, Switzerland, opened the 2025 Initial Public Offering (IPO) season and announced the launch of its IPO on SIX Swiss Exchange, the publication of the offer price and the start of the bookbuilding process. BioVersys focuses on identifying, developing and commercializing novel antibacterial products for serious life-threatening infections caused by multi-drug resistant (MDR) bacteria. The company’s most advanced R&D programs address nosocomial pneumonia and blood stream infections caused by Acinetobacter baumannii (BV100, phase 3-ready) and tuberculosis (alpibectir, phase 2a).…

On 30 January 2025, Matterhorn Telecom S.A., the parent company of Salt Mobile SA, issued EUR 420 million 4.500% Senior Secured Notes due 2030 guaranteed by Matterhorn Telecom Holding S.A. and Salt Mobile SA. The syndicate of initial purchasers was led by Goldman Sachs International, BofA Securities Europe SA, BNP Paribas, Crédit Agricole Corporate and Investment Bank, J.P. Morgan SE, Société Générale and UBS AG London Branch.

On 21 January 2025, AMAG Leasing AG placed CHF 250,000,000 senior unsecured bonds with maturity in 2031 and a coupon of 1.875%. The bonds will be listed on the SIX Swiss Exchange.UBS Investment Bank, Zürcher Kantonalbank und Bank J. Safra Sarasin acted as Joint Lead Managers.

On 14 January 2025, Swiss Life Holding Ltd. successfully placed three tranches of senior bonds totaling CHF 575 million, comprising a tranche of CHF 150 million with maturity in 2028 and a 0.8875% coupon, a tranche of CHF 200 million with maturity in 2030 and a 1.1350% coupon and a tranche of CHF 225 million with maturity in 2035 and a 1.4250% coupon. The bonds were placed with investors in the Swiss franc market. The proceeds will be used for general corporate purposes, including potential future refinancings of outstanding debt instruments.

On 8 January 2025, Helvetia successfully placed two senior bond tranches in the total amount of CHF 250 million. The first tranche is in the amount of CHF 110 million with maturity in 2029 and a coupon of 0.80 percent. The second tranche is in the amount of CHF 140 million with maturity in 2033 and a coupon of 1.10 percent. The proceeds will be used for general corporate purposes, including possible refinancings of outstanding instruments. The bonds are guaranteed by Helvetia Holding Ltd.

Following the successful placement of CHF 300 million bonds in January 2025, Barry Callebaut again successfully placed EUR 1.75 billion bonds. The bonds were issued in two tranches. The first tranche in the aggregate principal amount of EUR 900 million carries a coupon of 3.75% and is due in 2028. The second tranche in the aggregate principal amount of EUR 850 million has a coupon of 4.25% and will mature in 2031. Both tranches were issued by Barry Callebaut Services NV and are guaranteed by Barry Callebaut AG. ING Bank N.V., Coöperative Rabobank U.A., Société Générale and UBS AG, London Branch acted as Joint Lead Managers in this transaction.

Ultima Capital SA (Ultima), a Swiss luxury real estate owner and operator, received a substantial contribution of real estate assets by Yoda PLC (Yoda) and restructured its balance sheet and shareholders. Ultima reached the agreement with Yoda and another new investor for this major deal including the assumption of assets valued at approximately EUR 530 million in exchange for newly issued Ultima shares. The extraordinary shareholders‘ meeting of Ultima approved all motions of the board of directors, including a general opting out, the capital increase, board and committee elections and further amendments to the articles of association on 27 December…