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.

  • Plazza‘s CHF 100 Million Bond

    On 7 January 2026, PLAZZA AG placed a fixed-rate bond of CHF 100 million with a coupon of 1.25% and a term of 5.2 years, maturing on 31 March 2031. The proceeds will be used to refinance bank loans and to finance development and renovation projects. UBS, Zürcher Kantonalbank and Luzerner Kantonalbank coordinated the placement as Joint Lead Managers. The bonds are admitted for trading on SIX Swiss Exchange.


    Read more: Plazza‘s CHF 100 Million Bond
  • UBS Group AG‘s Issuance of USD 3.0 Billion Tier 1 Capital Notes

    On 8 January 2026, UBS Group AG issued USD 1.5 billion 6.625% Tier 1 Capital Notes and USD 1.5 billion 7.0% Tier 1 Capital Notes.


    Read more: UBS Group AG‘s Issuance of USD 3.0 Billion Tier 1 Capital Notes
  • Swiss Life’s Issuance of CHF 225 Million Hybrid Bonds

    On 13 January 2026, Swiss Life issued CHF 225m subordinated bonds, first callable in January 2032. The bonds were placed with investors in the Swiss Franc market. The bonds will be listed on SIX Swiss Exchange.


    Read more: Swiss Life’s Issuance of CHF 225 Million Hybrid Bonds
  • UBS Group AG‘s Issuance of USD 3.0 Billion Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme

    On 13 January 2026, UBS Group AG issued EUR 1.5 billion Fixed Rate/Fixed Rate Callable Senior Notes due February 2031 and EUR 1.5 billion Fixed Rate/Fixed Rate Callable Senior Notes due January 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.


    Read more: UBS Group AG‘s Issuance of USD 3.0 Billion Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme
  • HIAG’s Issuance of CHF 100 Million Green Bonds 

    On 15 January 2026, HIAG Immobilien Holding AG issued CHF 100 m 1.340% Green Bonds due 2033. Raiffeisen Schweiz Genossenschaft and Basler Kantonalbank acted as Joint Lead Managers. The Green Bonds will be listed on the SIX Swiss Exchange.


    Read more: HIAG’s Issuance of CHF 100 Million Green Bonds 
  • NZZ’s Stake Increase in APG SGA – APG Shareholders Approving Opting-up 

    On 23 January 2026, APG SGA AG announced that its shareholders approved a so-called opting-up provision clearing the way for Aktiengesellschaft für die Neue Zürcher Zeitung (NZZ) to increase its stake from 25% to 45% by acquiring shares from existing shareholders JCDecaux SE and Pargesa Asset Management SA. The transaction is based on a share price of CHF 220 resulting in a total value of CHF 132m; closing is expected in the second quarter of 2026.


    Read more: NZZ’s Stake Increase in APG SGA – APG Shareholders Approving Opting-up 
  • Zürcher Kantonalbank’s Issuance of EUR 500 Million 2.950% Fixed Rate Bonds

    On 26 January 2026, Zürcher Kantonalbank issued EUR 500 million 2.950% Fixed Rate Bonds due 2031. The senior unsecured bhave been issued under Zürcher Kantonalbank’s Swiss base prospectus consisting of the applicable summary and securities note for the issue of bonds and short term notes of Zürcher Kantonalbank and the registration form for debt securities approved by SIX Exchange Regulation AG and final terms issued thereunder.


    Read more: Zürcher Kantonalbank’s Issuance of EUR 500 Million 2.950% Fixed Rate Bonds
  • UBS Switzerland’s Issuance of CHF 685 Million Fixed Rate Covered Bonds

    On 15 January 2026, UBS Switzerland AG issued CHF 150 million 0.435% Fixed Rate Covered Bonds due 2029, CHF 190 million 0.745% Fixed Rate Covered Bonds due 2032 and CHF 345 million 1.0225% Fixed Rate Covered Bonds due 2036 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 from UBS Switzerland AG’s domestic mortgage pool.


    Read more: UBS Switzerland’s Issuance of CHF 685 Million Fixed Rate Covered Bonds
  • Alphabet issues CHF 3,055 Billion in Inaugural Five-tranche Offering

    On 10 February 2026, Alphabet Inc. (Alphabet), the parent company of Google LLC (Google) successfully placed bonds in Switzerland in the aggregate amount of CHF 3.055 billion. The CHF offering was comprised of CHF 905 million aggregate principal amount of 0.4270% senior notes due 2029, CHF 700 million aggregate principal amount of 0.8900% senior notes due 2032, CHF 575 million aggregate principal amount of 1.2525% senior notes due 2036, CHF 455 million aggregate principal amount of 1.5823% senior notes due 2041 and CHF 420 million aggregate principal amount of 1.8675% senior notes due 2051. BNP PARIBAS, Paris, Lancy/Geneva Branch is…


    Read more: Alphabet issues CHF 3,055 Billion in Inaugural Five-tranche Offering
  • Note from the Editors | Strengthening the “Too Big to Fail” Regime in Switzerland

    The collapse of Credit Suisse in March 2023 has served as a powerful catalyst for a renewed and intensified debate on the effectiveness of Switzerland’s ‘too big to fail’ (TBTF) regulatory framework. In response, the Swiss Federal Council has presented a comprehensive package of measures aimed at strengthening banking stability and mitigating the risks posed by systemically important banks in a report on banking stability in April 2024. The Federal Council also emphasized that Switzerland should remain one of the world’s leading financial centers with a stable and competitive financial sector. In June 2025, the Federal Council presented the key…


    Read more: Note from the Editors | Strengthening the “Too Big to Fail” Regime in Switzerland