
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 (95)
- Regulatory (128)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (467)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Zug Estate Group‘s Placement of CHF 100 million Green Bond
On 21 August 2025, Zug Estates Holding AG successfully placed a CHF 100 million green bond in the Swiss market. The fixed-interest bond carries a coupon of 1.25% and a maturity of seven years. The proceeds will be used to refinance sustainable projects in accordance with Zug Estates‘ Green Finance Framework. Application will be made…
Reference: CapLaw-2025-76 -
Zürcher Kantonalbank‘s Issuance of EUR 500 million Bail-in Bonds
On 4 September 2025, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 million. ZKB’s Bail-in Bonds, including the newly placed EUR 500 million 3.153% 6NC5 Bail-in Bonds, have been designed and issued on the basis of a legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (Gone-Concern Capital)…
Reference: CapLaw-2025-77 -
SGS‘s Placement of EUR 1 billion in Bonds
On 4 September 2025, SGS successfully launched two tranches of EUR-bonds through its subsidiary SGS Nederland Holding B.V., which are guaranteed by SGS SA. Both tranches, each amounting to EUR 500 million, were listed and admitted to trading on SIX Swiss Exchange. The use of proceeds will be utilized for general corporate purposes, including the…
Reference: CapLaw-2025-78 -
UBS‘s Issuance of CHF 1 billion Fixed Rate Covered Bonds
On 9 September 2025, UBS Switzerland AG successfully completed its issuance of EUR 1 billion 2.783% Fixed Rate Covered Bonds due 9 September 2030, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages…
Reference: CapLaw-2025-79 -
Givaudan‘s Issuance of EUR 500 million Guaranteed Bonds due 2029
On 9 September 2025, Givaudan Finance Europe B.V. successfully completed its issuance of EUR 500 million 2.875% Guaranteed Bonds due 2029 guaranteed by Givaudan SA. The Bonds are governed by English law and listed on Euronext Dublin.
Reference: CapLaw-2025-80 -
SMG Swiss Marketplace Group‘s IPO on SIX Swiss Exchange
On 19 September 2025, SMG Swiss Marketplace Group Holding AG commenced trading on SIX Swiss Exchange. The transaction consisted of an offering by shareholders Ringier, Mobiliar and General Atlantic of 19,629,040 existing shares, with an over-allotment option of up to 2,944,353 existing shares. The price range for the offered shares was set at CHF 46.00…
Reference: CapLaw-2025-81 -
UBS‘s Issuance of USD 5 billion Fixed Rate/Floating Rate Callable Senior Notes and Floating Rate Callable Senior Notes under its Senior Debt Programme
On 23 September 2025, UBS Group AG successfully completed its issuance of (i) USD 1.25 billion Fixed Rate/Floating Rate Callable Senior Notes due December 2029, (ii) USD 700 million Floating Rate Callable Senior Notes due December 2029, (iii) USD 1 billion Fixed Rate/Floating Rate Callable Senior Notes due September 2031, (iv) USD 300 million Floating Rate Callable Senior Notes due September 2031, and (v) USD 1.75 billion Fixed Rate/Floating Rate…
Reference: CapLaw-2025-82 -
Rieter‘s CHF 400 Million Rights Offering and ConcurrentCHF 77.4 million Private Placement
On 18 September 2025, Rieter Holding AG announced the terms of a CHF 400 million rights offering. In the rights offering, existing shareholders received one subscription right for each share they held on 22 September 2025 after the close of trading. The new shares have been offered to existing shareholders at a ratio of 25…
Reference: CapLaw-2025-83 -
Salt Mobile’s Issuance of EUR 550 million High-Yield Bonds due 2030
On 18 September 2025, Salt Mobile through its parent company Matterhorn Telecom S.a. successfully completed its issuance of EUR 550 million 3.875% Guaranteed Bonds due 2030 guaranteed by Salt Mobile SA. The Bonds are governed by English law. Goldman Sachs and BofA Securities acted as Joint Global Coordinators and Joint Physical Bookrunners and BNP PARIBAS,…
Reference: CapLaw-2025-84 -
Geberit‘s Issuance of CHF 200 million Bonds due 2033
On 26 September 2025, Geberit AG successfully issued CHF bonds with a volume of CHF 200 million. The bonds have a coupon of 0.950% and will be due in 2033. The bonds will be listed on SIX Swiss Exchange and Geberit is expected to use the proceeds to refinance existing indebtedness as well as for general…
Reference: CapLaw-2025-85