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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.
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CapLaw PDF Archive
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Read more: Zürcher Kantonalbank‘s Issuance of EUR 500 Million Bail-in Bonds
Zürcher Kantonalbank‘s Issuance of EUR 500 Million Bail-in Bonds
On 17 June 2026, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 million with a fixed annual coupon of 3.622% (6NC5 structure). The 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). BNP PARIBAS, Commerzbank Aktiengesellschaft, UBS London Branch and Zürcher Kantonalbank acted as Joint Lead Managers.
Reference: CapLaw-2026-40 -
Read more: SpaceX USD 75 Billion IPO: Swiss Retail Offering
SpaceX USD 75 Billion IPO: Swiss Retail Offering
On 12 June 2026, Space Exploration Technologies Corp. (SpaceX) successfully completed the largest initial public offering ever. The offering included a public offering in the United States as well as concurrent offerings to retail investors in Australia, Canada, Japan, the United Kingdom, certain EU countries, and Switzerland. In Switzerland, the offer to retail investors was made on the basis of a prospectus approved by the German regulator BaFin that was subsequently deposited with the Prospectus Office of SIX Exchange Regulation AG pursuant to article 54(2) of the Swiss Financial Services Act. The SpaceX IPO is the first U.S. IPO to…
Reference: CapLaw-2026-41 -
Read more: VERAXA Biotech‘s Business Combination and NASDAQ Listing
VERAXA Biotech‘s Business Combination and NASDAQ Listing
On 11 June 2026, VERAXA Biotech AG completed its business combination with Voyager Acquisition Corp. and listed on the NASDAQ Stock Market under the ticker symbols “VRXA” and “VRXAW”. Through this transaction, VERAXA strengthened its financial position, including through a USD 27.5 million senior secured note financing and a share purchase agreement for up to USD 50 million. The proceeds will be used to further advance VERAXA‘s oncology pipeline based on its proprietary BiTAC platform, supporting progress towards clinical development and industry partnerships.
Reference: CapLaw-2026-42 -
Read more: Energie 360 Grad AG‘s Issuance of CHF 150 Million Green Bond
Energie 360 Grad AG‘s Issuance of CHF 150 Million Green Bond
In early June 2026, Energie 360 Grad AG successfully placed a CHF 150 million green bond, maturing in 2034 and carrying a coupon of 1.4%. The bond has been admitted to trading on SIX Swiss Exchange. The proceeds will be used in particular to finance investments in district heating projects and the infrastructure for electric mobility.
Reference: CapLaw-2026-43 -
Read more: Clariant‘s Issuance of EUR 500 Million Bonds
Clariant‘s Issuance of EUR 500 Million Bonds
In June 2026, Clariant returned to the Eurobond market: Clariant International Financial Services (Luxembourg) S.à.r.l. placed EUR 500 million in unsecured bonds guaranteed by Clariant AG. The bonds carry a fixed annual coupon of 4.125% and will mature in January 2032. The bonds will be listed on SIX Swiss Exchange and on the Open Market (Freiverkehr) of the Frankfurter Stock Exchange. Settlement occurred on 12 June 2026. The net proceeds from the issuance will be used for general corporate purposes, including potential refinancing of existing debt, in support of Clariant‘s ongoing strategy execution.
Reference: CapLaw-2026-44 -
Read more: Amazon‘s Issuance of CHF 2.82 Billion Bonds
Amazon‘s Issuance of CHF 2.82 Billion Bonds
On 28 May 2026, Amazon.com, Inc. issued bonds in Switzerland in the aggregate amount of CHF 2.82 billion. The offering comprised of CHF 900 million aggregate principal amount of 0.8350% notes due 2029, CHF 585 million aggregate principal amount of 1.200% notes due 2032, CHF 475 million aggregate principal amount of 1.4475% notes due 2035, CHF 390 million aggregate principal amount of 1.6750% notes due 2038, CHF 245 million aggregate principal amount of 1.9389% notes due 2044 and CHF 225 million aggregate principal amount of 2.0825% notes due 2051. BNP PARIBAS, Paris, Lancy/Geneva Branch acted as representative of the initial…
Reference: CapLaw-2026-45 -
Read more: Siegfried Holding AG‘s Issuance of CHF 200 Million Bonds
Siegfried Holding AG‘s Issuance of CHF 200 Million Bonds
On 26 May 2026, Siegfried Holding AG successfully priced the offering of its CHF 200 million 1.350% bonds. UBS Investment Bank and Zürcher Kantonalbank acted as joint lead managers. The bonds have been listed on SIX Swiss Exchange.
Reference: CapLaw-2026-46 -
Read more: dsm-firmenich‘s additional Listing on SIX Swiss Exchange
dsm-firmenich‘s additional Listing on SIX Swiss Exchange
On 21 May 2026, dsm-firmenich, Kaiseraugst (Switzerland) and Maastricht (Netherlands), completed the listing of its shares on SIX Swiss Exchange. The shares are now traded on SIX Swiss Exchange under the ticker symbol DSFIR, in addition to the existing listing on Euronext Amsterdam. The dual listing strengthens dsm-firmenich‘s capital markets presence in Switzerland and is an important milestone for its Swiss domicile and heritage. dsm-firmenich will be included in the Swiss Performance Index (SPI) and SPI Extra. Based on opening price on the day of the listing on SIX Swiss Exchange, the company‘s market capitalization stood at approximately CHF 15.9…
Reference: CapLaw-2026-47 -
Read more: Raiffeisen Schweiz Genossenschaft‘s Issuanceof CHF 200 Million Digital Bail-in Bond
Raiffeisen Schweiz Genossenschaft‘s Issuanceof CHF 200 Million Digital Bail-in Bond
On 20 May 2026, Raiffeisen Schweiz Genossenschaft successfully placed its inaugural digital bail-in bond on the Swiss capital market in the amount of CHF 200 million with a fixed annual coupon of 1.44% due 2033. The issued digital bail-in bond has the same legal status and the same rating as a traditional bail-in bond from Raiffeisen Schweiz Genossenschaft. The bond will be traded on SIX Swiss Exchange. Raiffeisen Schweiz Genossenschaft acted as lead manager for this transaction.
Reference: CapLaw-2026-48 -
Read more: Helvetia Baloise‘s Issuance of CHF 550 Million Inaugural Senior Bonds
Helvetia Baloise‘s Issuance of CHF 550 Million Inaugural Senior Bonds
In mid-May 2026, Helvetia Baloise successfully completed its inaugural senior bond issuance following the merger of Helvetia and Baloise, placing three tranches in an aggregate amount of CHF 550 million. The issuance comprised of CHF 150 million maturing in 2028 with a coupon of 0.625%, CHF 175 million maturing in 2032 with a coupon of 1.125% and CHF 225 million maturing in 2036 with a coupon of 1.500%. The proceeds will be used for general corporate purposes, including the potential refinancing of outstanding instruments.
Reference: CapLaw-2026-49