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.
The General Editors
René Bösch, Homburger AG
Matthias Courvoisier, Baker McKenzie Switzerland AG
Benjamin Leisinger, Homburger AG
Ralph Malacrida, Bär & Karrer AG
Nina Reiser, University of St.Gallen
Thomas Reutter, Advestra AG
Patrick Schleiffer, Lenz & Staehelin
Philippe A. Weber, Niederer Kraft & Frey AG
Thomas Werlen, Quinn Emanuel Urquhart & Sullivan, LLP
CapLaw Themes
- FinSA (FIDLEG) (32)
- FinIA (FINIG) (11)
- Insurance (8)
- Securities (99)
- Regulatory (138)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (503)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: EQT, ADIA and Auba‘s sale of 14.3% of Galderma‘s sharecapital via an accelerated bookbuilding process
EQT, ADIA and Auba‘s sale of 14.3% of Galderma‘s sharecapital via an accelerated bookbuilding process
On 10 March 2026, Sunshine SwissCo GmbH (a consortium led by EQT), together with Abu Dhabi Investment Authority and Auba Investment Pte. Ltd., successfully placed ca. 34 million shares in Galderma Group AG at a price of CHF 143.75 per share via an accelerated bookbuilding process. The placement raised CHF 4.89 billion in total. Following…
Reference: CapLaw-2026-27 -
Read more: Galderma‘s Issuance of EUR 500 Million Bonds
Galderma‘s Issuance of EUR 500 Million Bonds
On 18 March 2026, Galderma Finance Europe B.V. issued EUR 500 million bonds with a fixed-rate coupon of 3.375% due 2031. The bonds are guaranteed by Galderma Group AG. The banking syndicate consisted of Citigroup, ING, RBC Capital Markets as active bookrunners and BNP PARIBAS, BofA Securities, Crédit Agricole CIB and SMBC as passive bookrunners.
Reference: CapLaw-2026-28 -
Read more: UBS‘s Issuance of USD 3.05 Billion Senior Notes
UBS‘s Issuance of USD 3.05 Billion Senior Notes
On 16 March 2026, UBS AG, acting through its Stamford branch issued USD 500 million in aggregate principal amount of Floating Rate Senior Notes due 2029, USD 1.3 billion in aggregate principal amount of 4.302% Senior Notes due 2029, and USD 1.25 billion in aggregate principal amount of 4.632% Senior Notes due 2032. The notes were offered and…
Reference: CapLaw-2026-29 -
Read more: CRISPR Therapeutics‘s Issuance of USD 600 MillionConvertible Senior Notes
CRISPR Therapeutics‘s Issuance of USD 600 MillionConvertible Senior Notes
On 16 March 2026, CRISPR Therapeutics AG issued a USD 600 million aggregate principal amount of convertible senior notes with a semiannual effective coupon of 1.7308% due 2031
Reference: CapLaw-2026-30 -
Read more: Sandoz‘s Issuance of CHF 550 Million Bonds
Sandoz‘s Issuance of CHF 550 Million Bonds
On 16 March 2 On 15 April 2026, Sandoz Group AG issued CHF 275 million 1.1875% fixed rate bonds due 2032 and CHF 275 million 1.55% fixed rate bonds due 2036.
Reference: CapLaw-2026-31 -
Read more: Swiss Prime Site‘s Issuance of CHF 350 MillionGreen Convertible Bonds
Swiss Prime Site‘s Issuance of CHF 350 MillionGreen Convertible Bonds
On 5 March 2026, Swiss Prime Site issued CHF 350 million senior unsecured green convertible bonds due 2032. These convertible bonds are convertible into registered shares of Swiss Prime Site. BNP Paribas, Goldman Sachs International and UBS served as joint bookrunners in the transaction.
Reference: CapLaw-2026-32 -
Read more: Zurich‘s Placement of 7,090,909 Shares throughan Accelerated Bookbuilding Offering
Zurich‘s Placement of 7,090,909 Shares throughan Accelerated Bookbuilding Offering
On 2 March 2026, Zurich Insurance Group initiated an accelerated bookbuilding offering, which led to the placement of 7,090,909 newly issued shares at an offer price of CHF 550.00 each, and raising aggregate gross proceeds of approximately USD 5.0 billion. The net proceeds from the capital increase will be directed at partly financing Zurich‘s acquisition of…
Reference: CapLaw-2026-33 -
Read more: Editorial | The Swiss stablecoin regime in the context of global developments
Editorial | The Swiss stablecoin regime in the context of global developments
The regulatory landscape for stablecoins is evolving at remarkable speed across the globe. A growing number of jurisdictions are moving from exploratory consultations to full legislative implementation, driven by the policy goal to create innovation‑friendly yet prudentially robust frameworks that can accommodate the rapid institutionalisation of digital asset markets. Stablecoins are no longer viewed as…
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Read more: Proposed Regulation of Payment Instrument Institutions under the Swiss Financial Institutions Act: A Critical Analysis
Proposed Regulation of Payment Instrument Institutions under the Swiss Financial Institutions Act: A Critical Analysis
Until 6 February 2026, the Swiss Federal Council consulted on the introduction of a comprehensive regulatory framework for payment instrument institutions through amendments to the Financial Institutions Act. The proposed legislation, published for consultation on 22 October 2025, aims to establish Switzerland as a leading hub for stablecoin issuance while addressing perceived critical gaps in…
Reference: CapLaw-2026-02 -
Read more: Can the Federal Council‘s Proposals Reinvigorate the Swiss FinTech and Crypto Sector?
Can the Federal Council‘s Proposals Reinvigorate the Swiss FinTech and Crypto Sector?
In October 2025, the Swiss Federal Council proposed two new licensing regimes – a payment institution and a crypto institution license – intended to replace the fintech license, which has not lived up to expectations. This article, focusing on the crypto institution license, assesses whether the new framework has the potential to reinvigorate Switzerland‘s fintech…
Reference: CapLaw-2026-03