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 Courvosier, 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

  • EFG Bank‘s Bond Issuance

    On 18 June 2025, EFG Bank AG successfully completed its issuance of CHF 125 million 0.9625% bonds due 2029. The bonds are listed on SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index. Raiffeisen Schweiz Genossenschaft acted as Sole Lead Manager.


    Read more: EFG Bank‘s Bond Issuance
  • SIX Group‘s Guaranteed Bonds and Digital Bonds Issuance

    On 30 May 2025 and 4 June 2025, respectively, SIX issued EUR 500 million guaranteed bonds due 2030 and CHF 250 million digital bonds due 2032. The Bonds have been admitted to provisional trading and will be listed on the SIX Swiss Exchange. For the EUR 500 million guaranteed bonds, BNP PARIBAS, BofA Securities Europe…


    Read more: SIX Group‘s Guaranteed Bonds and Digital Bonds Issuance
  • DocMorris Rights Offering

    On 26 May 2025, DocMorris AG settled on its rights offering with gross proceeds of CHF 208 million. The proceeds will be used to finance the planned medium-term growth in the prescription medicines (Rx) business, including incrementally targeted Rx marketing spend, as well as a potential repayment of the CHF 95 million convertible bond in September…


    Read more: DocMorris Rights Offering
  • Avolta‘s Notes Issuance

    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.


    Read more: Avolta‘s Notes Issuance
  • Caterpillar Financial Services Corporation‘s Inaugural CHF 375 Million Swiss Franc Bond Issuance

    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…


    Read more: Caterpillar Financial Services Corporation‘s Inaugural CHF 375 Million Swiss Franc Bond Issuance
  • UBS Group‘s Notes Issuances under its Senior Debt Programme

    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…


    Read more: UBS Group‘s Notes Issuances under its Senior Debt Programme
  • Sportradar‘s Secondary Public Offering

    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…


    Read more: Sportradar‘s Secondary Public Offering
  • EQT, ADIA and Auba‘s Placement of 8.0% of Galderma‘s Share Capital 

    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…


    Read more: EQT, ADIA and Auba‘s Placement of 8.0% of Galderma‘s Share Capital 
  • DeXentra‘s Public Offering of the OilXCoin

    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…


    Read more: DeXentra‘s Public Offering of the OilXCoin
  • Banque Cantonale de Genève‘s Inaugural EUR-Bonds Issuance

    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.


    Read more: Banque Cantonale de Genève‘s Inaugural EUR-Bonds Issuance