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.

  • UBS AG‘s Establishment of its Panda Bond Program and its Inaugural Issuance Thereunder

    On 27 August 2026, UBS AG successfully completed its inaugural Panda Bond issuance. The RMB 2 billion 5-year bonds were issued with a coupon rate of 1.78%, representing (as of August 27, 2026) both the lowest coupon rate and the tightest spread over China Development Bank benchmark achieved for a 5-year Panda Bond issued by a foreign financial institution. It also marked the first Panda Bond issuance by a Swiss financial institution in China. The offering of the bonds in the Chinese interbank bond market was approved by the People‘s Bank of China.


    Read more: UBS AG‘s Establishment of its Panda Bond Program and its Inaugural Issuance Thereunder
  • Swisscom‘s Placement of EUR 500 Million Hybrid Capital Bonds

    On 27 August 2026, Swisscom successfully placed inaugural hybrid capital bonds (fixed rate resettable capital securities) with a total principal amount of EUR 500 million. The bonds were issued by Swisscom Finance B.V. and guaranteed by Swisscom AG. The hybrid bonds were placed into the European institutional fixed income investor base with Deutsche Bank acting as Sole Global Coordinator and Structuring Agent and BBVA, BNP PARIBAS, BofA Securities, Deutsche Bank and UBS as joint lead managers. The new securities will be listed on the Luxembourg Stock Exchange.


    Read more: Swisscom‘s Placement of EUR 500 Million Hybrid Capital Bonds
  • Sika‘s Placement of EUR 1 Billion Hybrid Capital Bond

    On 26 August 2026, Sika, a globally leading specialty chemicals company, successfully placed an inaugural hybrid capital bond (fixed rate resettable subordinated debt) with a total amount of EUR 1 billion split into two EUR 500 million tranches. The hybrid bonds were placed into the European institutional fixed income investor base with Citigroup acting as Global Coordinator and BofA Securities, Citigroup, and UBS Investment Bank as active bookrunners. The new securities will be listed on the regulated market of Euronext Dublin.


    Read more: Sika‘s Placement of EUR 1 Billion Hybrid Capital Bond
  • UBS Group AG‘s Issuance of CHF 550 Million Fixed Rate/Fixed Rate Callable Senior Notes

    On 12 August 2026, UBS Group AG successfully completed its issuance of CHF 285 million in aggregate principal amount of 1.4911 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due February 2035 and CHF 265 million in aggregate principal amount of 1.125 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due August 2031 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG‘s Swiss gone concern capital requirement. The Notes are governed by Swiss law, and the Notes have been provisionally admitted to trading, and application will be made for definitive admission to…


    Read more: UBS Group AG‘s Issuance of CHF 550 Million Fixed Rate/Fixed Rate Callable Senior Notes
  • UBS AG‘s Section 3(a)(2) Offering of its USD 2 Billion Senior Notes

    On 7 August 2026, UBS AG, acting through its Stamford branch, successfully completed its issuance of USD 1.25 billion in aggregate principal amount of 5.053% Fixed-to-Floating Rate Senior Notes due 2032 and USD 750 million Floating Rate Senior Notes due 2029 under its medium-term notes program. The notes were offered and sold in reliance on (i) an exemption from registration provided by Section 3(a)(2) of the U.S. Securities Act of 1933, as amended, and (ii) Section 16.6 of Part 16 of the regulations of the Office of the Comptroller of the Currency.


    Read more: UBS AG‘s Section 3(a)(2) Offering of its USD 2 Billion Senior Notes
  • Cembra Money Bank AG‘s CHF 52 Million Accelerated Bookbuilding Equity Raise

    On 27 July 2026, Cembra Monday Bank AG successfully raised CHF 52 million in equity through an accelerated bookbuilding process by placing 601‘801 treasury shares. The net proceeds from the offering are expected to partly finance the acquisition price of the substantial part of Santander‘s Swiss auto financing business.


    Read more: Cembra Money Bank AG‘s CHF 52 Million Accelerated Bookbuilding Equity Raise
  • Samsung Biologics‘s All-Cash Public Tender Offer to Acquire PolyPeptide Group AG

    On 20 July 2026, PolyPeptide Group AG (SIX: PPGN), a specialized global Contract Development & Manufacturing Organization (CDMO) for peptide-based active pharmaceutical ingredients, and Samsung Biologics Co., Ltd. announced that they have entered into a transaction agreement under which Samsung Biologics agreed to make an all-cash public tender offer to acquire all publicly held registered shares of PolyPeptide for CHF 44.31 per share. The offer values PolyPeptide‘s equity at approximately CHF 1.46 billion. Samsung Biologics published its pre-announcement of the offer today. PolyPeptide‘s largest individual shareholder, owning a stake of approximately 55.65% (excluding treasury shares), has committed to tender all…


    Read more: Samsung Biologics‘s All-Cash Public Tender Offer to Acquire PolyPeptide Group AG
  • Salt‘s High-Yield Bond Offering and Repricing of a Term Loan Facility

    On 6 July 2026, Salt, a Swiss telecommunications provider, launched a comprehensive refinancing which consisted of (i) a high yield bond offering of CHF 205 million aggregate principal amount of 2.500% senior secured notes due 2031, (ii) the repricing of a new EUR 855 million term loan facility B4 and (iii) a private placement of EUR 30 million aggregate principal amount of 4.500% senior secured notes due 2030. The notes were issued by NJJ Continental S.A. and guaranteed by NJJ Continental Holding S.A. as well as Salt Mobile SA. The CHF denominated notes are expected to be admitted to trading…


    Read more: Salt‘s High-Yield Bond Offering and Repricing of a Term Loan Facility
  • UBS Group AG‘s Issuance of JPY 110 Billion Fixed Rate/Fixed Rate Callable Senior Notes

    On 2 July 2026, UBS Group AG successfully completed its issuance of JPY 65.6 billion in aggregate principal amount of 2.362 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due July 2030, JPY 35.6 billion in aggregate principal amount of 2.759 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due July 2032, and JPY 8.8 billion in aggregate principal amount of 3.427 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due July 2037 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG‘s Swiss gone concern capital requirement. The Notes are governed by…


    Read more: UBS Group AG‘s Issuance of JPY 110 Billion Fixed Rate/Fixed Rate Callable Senior Notes
  • Monitchem Holdco 3 S.A.‘s Issuance of EUR 625 Million Senior Secured Notes

    On 2 July 2026, Monitchem Holdco 3 S.A. successfully completed its issuance of EUR 625 million 8.00 per cent. Senior Secured Notes due 2031. The Notes are guaranteed by various subsidiaries of the issuer, including CABB AG. The Notes are governed by New York law and are listed on the Official List of The International Stock Exchange.


    Read more: Monitchem Holdco 3 S.A.‘s Issuance of EUR 625 Million Senior Secured Notes