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.

  • HT5 AG‘s Merger with Centiel SA and Placement of 15,386,988 Shares

    On 13 April 2026, the shareholders of HT5 AG, a company with shares listed on SIX Swiss Exchange, and Centiel SA approved their merger, creating a listed Swiss technology company active in the uninterruptible power supply (UPS) sector. Trading in the shares of the merged company under the name Centiel AG and the ticker CNTL started on 17 April 2026. The transaction was implemented by way of a statutory absorption merger under the Swiss Merger Act, with the previously listed HT5 AG as the surviving entity. In connection with the merger, HT5 AG issued 61,274,508 new registered shares to the…


    Read more: HT5 AG‘s Merger with Centiel SA and Placement of 15,386,988 Shares
  • Mondelēz International‘s Issuance of CHF 850 Million Bonds

    On 10 April 2026, Mondelēz International, Inc., placed bonds in the aggregate amount of CHF 850 million in Switzerland. The offering included CHF 325 million aggregate principal amount of 0.9575% senior notes due 2029, CHF 245 million aggregate principal amount of 1.2713% senior notes due 2032 and CHF 280 million aggregate principal amount of 1.6250% senior notes due 2036. Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch, was acting as representative of the managers for the offering, which include BNP PARIBAS, Paris, Lancy/Geneva Branch, Goldman Sachs International and Commerzbank Aktiengesellschaft.


    Read more: Mondelēz International‘s Issuance of CHF 850 Million Bonds
  • SIG Group‘s Issuance of EUR 500 Million Bond

    On 4 April 2026, SIG Combibloc PurchaseCo S.à r.l. placed EUR 500 million bonds with a coupon rate of 4.000% due 2031, guaranteed by SIG Group. BNP PARIBAS, BofA Securities, DZ BANK AG, HSBC and Coöperative Rabobank U.A. acted as active bookrunners in this placement. 


    Read more: SIG Group‘s Issuance of EUR 500 Million Bond
  • EFG International‘s Issuance of CHF 130 Million Senior Unsecured Bonds, CHF 140 Million Reopening under Existing Bonds andEUR 500 Million 3.925% Guaranteed Bonds

    On 2 April 2026, EFG Bank AG issued new CHF 130 million domestic senior unsecured bonds with a fixed annual coupon of 1.2350% due 2032. Concurrently, EFG Bank AG completed the first reopening under the existing CHF 125 million 0.9625% senior unsecured bonds due 2029 by issuing CHF 140 million additional domestic senior unsecured bonds. The bonds are listed on SIX Swiss Exchange and included in the domestic segment of the Swiss Bond Index. Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch and Zürcher Kantonalbank acted as Joint Lead Managers. On 16 April 2026, EFG International Finance (Luxembourg) S.à…


    Read more: EFG International‘s Issuance of CHF 130 Million Senior Unsecured Bonds, CHF 140 Million Reopening under Existing Bonds andEUR 500 Million 3.925% Guaranteed Bonds
  • Nestlé‘s Issuance of USD 2 Billion Senior Guaranteed Notes

    On 18 March 2026, Nestlé Capital Corporation issued USD 750 million in aggregate principal amount of 4.200% notes due 2031, USD 500 million in aggregate principal amount of 4.500% notes due 2033, and USD 750 million in aggregate principal amount of 4.800% notes due 2036. The notes are guaranteed by the Nestlé group‘s Swiss parent company Nestlé S.A. The offering was done in reliance on Rule 144A and Regulation S under the U.S. Securities Act.


    Read more: Nestlé‘s Issuance of USD 2 Billion Senior Guaranteed Notes
  • Novartis‘s Issuance of USD 11 Billion Multi‑Tranche Notes

    On 18 March 2026, Novartis Capital Corporation issued USD 11 billion notes in seven tranches. The offering comprised USD 500 million floating rate notes due 2029 (compounded SOFR + 0.650%) and six fixed-rate series totaling USD 10.5 billion with coupons from 4.100% to 5.700% and due between 2029 and 2056. The notes are guaranteed by Novartis AG. 


    Read more: Novartis‘s Issuance of USD 11 Billion Multi‑Tranche Notes
  • EQT, ADIA and Auba‘s sale of 14.3% of Galderma‘s sharecapital via an accelerated bookbuilding process

    On 10 March 2026, Sunshine SwissCo GmbH (a consortium led by EQT), together with Abu Dhabi Investment Authority and Auba Investment Pte. Ltd., successfully placed ca. 34 million shares in Galderma Group AG at a price of CHF 143.75 per share via an accelerated bookbuilding process. The placement raised CHF 4.89 billion in total. Following the placement, the selling shareholders have fully exited their investment in Galderma. The banking syndicate in the transaction consisted of Citigroup, Goldman Sachs, Jefferies, J.P. Morgan, Morgan Stanley and UBS.


    Read more: EQT, ADIA and Auba‘s sale of 14.3% of Galderma‘s sharecapital via an accelerated bookbuilding process
  • Galderma‘s Issuance of EUR 500 Million Bonds

    On 18 March 2026, Galderma Finance Europe B.V. issued EUR 500 million bonds with a fixed-rate coupon of 3.375% due 2031. The bonds are guaranteed by Galderma Group AG. The banking syndicate consisted of Citigroup, ING, RBC Capital Markets as active bookrunners and BNP PARIBAS, BofA Securities, Crédit Agricole CIB and SMBC as passive bookrunners.


    Read more: Galderma‘s Issuance of EUR 500 Million Bonds
  • UBS‘s Issuance of USD 3.05 Billion Senior Notes 

    On 16 March 2026, UBS AG, acting through its Stamford branch issued USD 500 million in aggregate principal amount of Floating Rate Senior Notes due 2029, USD 1.3 billion in aggregate principal amount of 4.302% Senior Notes due 2029, and USD 1.25 billion in aggregate principal amount of 4.632% Senior Notes due 2032. The notes were offered and sold in reliance on an exemption from registration provided by the U.S. Securities Act.


    Read more: UBS‘s Issuance of USD 3.05 Billion Senior Notes 
  • CRISPR Therapeutics‘s Issuance of USD 600 MillionConvertible Senior Notes

    On 16 March 2026, CRISPR Therapeutics AG issued a USD 600 million aggregate principal amount of convertible senior notes with a semiannual effective coupon of 1.7308% due 2031


    Read more: CRISPR Therapeutics‘s Issuance of USD 600 MillionConvertible Senior Notes