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 (132)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (480)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: UBS‘s Issuance of CHF 1 billion Fixed Rate Covered Bonds
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 -
Read more: Givaudan‘s Issuance of EUR 500 million Guaranteed Bonds due 2029
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 -
Read more: SMG Swiss Marketplace Group‘s IPO on SIX Swiss Exchange
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 -
Read more: 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
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 -
Read more: Rieter‘s CHF 400 Million Rights Offering and ConcurrentCHF 77.4 million Private Placement
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 -
Read more: Salt Mobile’s Issuance of EUR 550 million High-Yield Bonds due 2030
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 -
Read more: Geberit‘s Issuance of CHF 200 million Bonds due 2033
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 -
Read more: AI Governance and Risk Management Roundtable for Banks (KI Governance & Risikomanagement Roundtable für Banken)
AI Governance and Risk Management Roundtable for Banks (KI Governance & Risikomanagement Roundtable für Banken)
Thursday, 20 November 2025, Zunfthaus zur Zimmerleuten, Zurich https://fsi.unisg.ch/de/newsdetail/news/ki-governance-risikomanagement-roundtable-fuer-banken-praxisnaehe-trifft-regulierung
Reference: CapLaw-2025-86 -
Read more: BX DIGITAL: THE FIRST DLT TRADING FACILITY IN SWITZERLAND
BX DIGITAL: THE FIRST DLT TRADING FACILITY IN SWITZERLAND
BX Digital AG received the first license from FINMA to operate a DLT trading facility on 12 March 2025. It is also the first financial market infrastructure for the trading and settlement of DLT securities based on a public permissionless blockchain.
Reference: CapLaw-2025-38 -
Read more: Proposed Amendment of Swiss Capital Adequacy Ordinance regarding AT1 Instruments – a First Assessment by Practitioners
Proposed Amendment of Swiss Capital Adequacy Ordinance regarding AT1 Instruments – a First Assessment by Practitioners
On 6 June 2025, the Swiss Federal Council published proposed amendments to the Swiss Capital Adequacy Ordinance, including „more precise information on the term and suspension of interest payments for AT1 capital instruments.“ The authors question the necessity of these changes and warn against using opaque terms and „hard triggers“ without any exemptions.
Reference: CapLaw-2025-39