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 (99)
- Regulatory (138)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (503)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: EQT, ADIA and Auba’s Placement of 8.4% of Galderma’s Share Capital
EQT, ADIA and Auba’s Placement of 8.4% of Galderma’s Share Capital
On 30 October 2025, a consortium led by EQT together with ADIA and Auba Investment Pte. Ltd., successfully completed the placement of 20 million shares in Galderma Group AG at a price of CHF 130.00 per share via an accelerated bookbuilding process. The placement raised CHF 2.6 billion in total.
Reference: CapLaw-2025-94 -
Read more: Clariant’s Issuance of Dual Tranche CHF 200 Million and CHF 100 Million Bonds due 2030 and 2034
Clariant’s Issuance of Dual Tranche CHF 200 Million and CHF 100 Million Bonds due 2030 and 2034
On 4 November 2025, Clariant AG issued two CHF bonds with a total volume of CHF 300 million, Tranche A being CHF 200 million and Tranche B CHF 100 million. The bonds of Tranche A have a coupon of 1.650% and will be due in 2030. The bonds of Tranche B have a coupon of…
Reference: CapLaw-2025-95 -
Read more: Cornèr Banca’s Issuance of CHF 150 Million Bonds due 2029
Cornèr Banca’s Issuance of CHF 150 Million Bonds due 2029
On 5 November 2025, Cornèr Banca issued CHF bonds with a volume of CHF 150 million. The bonds have a coupon of 1.0000% and will be due in 2029. The bonds will be listed on SIX Swiss Exchange. The bond issuance was managed by UBS, Sarasin and Vontobel.
Reference: CapLaw-2025-96 -
Read more: UBS Group AG’s Issuance of USD 3.25 Billion Fixed Rate/Floating Rate Callable Senior Notes under its Senior Debt Programme
UBS Group AG’s Issuance of USD 3.25 Billion Fixed Rate/Floating Rate Callable Senior Notes under its Senior Debt Programme
On 6 November 2025, UBS Group AG issued USD 2 billion Fixed Rate/Floating Rate Callable Senior Notes due November 2033, and USD 1.25 billion Fixed Rate/Floating Rate Callable Senior Notes due May 2047 under its Senior Debt Programme. The Notes are governed by Swiss law and will be listed on the SIX Swiss Exchange.
Reference: CapLaw-2025-97 -
Read more: Fundamenta Real Estate’s CHF 70 Million Rights Offering
Fundamenta Real Estate’s CHF 70 Million Rights Offering
On 7 November 2025, Fundamenta Real Estate AG completed a CHF 70 million rights offering. The offering resulted in the issuance of 4,119,748 new shares at CHF 17.00 each. The proceeds are intended to be used for investment in ongoing and new property projects, the strengthening of equity, and for general corporate purposes. The rights…
Reference: CapLaw-2025-98 -
Read more: UBS Group AG’s and UBS AG’s Offers to Repurchase Various Series of Outstanding Debt Securities in an Aggregate Principal Amount of USD 7.7 Billion
UBS Group AG’s and UBS AG’s Offers to Repurchase Various Series of Outstanding Debt Securities in an Aggregate Principal Amount of USD 7.7 Billion
On 10 November 2025, (i) UBS Group AG completed its all-cash tender offers with respect to five series of bail-inable (TLAC) bonds that were originally issued by Credit Suisse Group AG, and (ii) UBS AG, acting through its Stamford branch, completed its all-cash tender offers with respect to two series of senior unsecured notes that…
Reference: CapLaw-2025-99 -
Read more: Galderma’s Issuance of CHF 175 Million Bonds due 2033
Galderma’s Issuance of CHF 175 Million Bonds due 2033
On 13 November 2025, Galderma Holding issued CHF bonds with a volume of CHF 175 million. The bonds have a coupon of 0.9425% and will be due in 2030. The bonds will be listed on SIX Swiss Exchange. The bond issuance was managed by BNP Paribas and UBS.
Reference: CapLaw-2025-100 -
Read more: Advent’s Public Tender Offer for u-blox Holding AG
Advent’s Public Tender Offer for u-blox Holding AG
On 26 November 2025, ZI Zenith S.à r.l., a European indirect subsidiary of funds managed and/or advised by Advent International, L.P., completed the public tender offer for all publicly held shares of u-blox Holding AG, a global leader in positioning and wireless communication technologies. The offer price of CHF 135.00 per share in cash results…
Reference: CapLaw-2025-101 -
Read more: EPIC Suisse’s CHF 70 Million Accelerated Bookbuilding
EPIC Suisse’s CHF 70 Million Accelerated Bookbuilding
On 4 December 2025, EPIC Suisse completed the private placement of new shares. Shares worth CHF 70 million were placed. Specifically, 875,000 new shares were placed at a price of CHF 80.00 per share. They were issued from the existing capital band. The new shares will be traded on the SIX Swiss Exchange. The real…
Reference: CapLaw-2025-102 -
Read more: EQT’s Sale of an Additional 10% in Galderma to L’Oréal, Reinforcing L’Oréal’s Strategic Investment in Galderma
EQT’s Sale of an Additional 10% in Galderma to L’Oréal, Reinforcing L’Oréal’s Strategic Investment in Galderma
On 8 December 2025, EQT announced the sale of an additional 10% stake in Galderma Group AG (SIX: GALD) by a consortium led by EQT, which includes Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting as sellers) to L’Oréal S.A. for an undisclosed amount. Following the transaction,…
Reference: CapLaw-2025-103