
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: Legal uncertainties and practical issues of transaction reporting (Article 134 FMIA) for non-transactional events based on an ambiguous cross-reference in Takeover Ordinance
Legal uncertainties and practical issues of transaction reporting (Article 134 FMIA) for non-transactional events based on an ambiguous cross-reference in Takeover Ordinance
This contribution addresses the legal uncertainties and practical issues surrounding transaction reporting pursuant to article 134 FMIA for non-transactional events due to an ambiguous cross-reference at the ordinance level. If the „mutatis mutandis“ cross-reference in article 40 Takeover Ordinance is taken to mean that all reporting events under the ordinary shareholder disclosure rules, as reflected in…
Reference: CapLaw-2025-22 -
Read more: Swiss Shakti Foundation launches digital note program
Swiss Shakti Foundation launches digital note program
The Swiss Shakti Foundation has established its SXE Digital SMART Note Issuance Program. The notes issued under the program qualify as ledger-based securities. Under the program structure, 90% of the proceeds from each tranche of notes will be allocated to investor collateral, while 10% will support the Foundation’s „Project” — a global initiative addressing school…
Reference: CapLaw-2025-23 -
Read more: Clariant places two CHF bond tranches
Clariant places two CHF bond tranches
Muttenz-based specialty chemicals company Clariant has successfully placed two CHF-denominated bond tranches. Tranche A amounts to CHF 125 million with a three-year maturity, while Tranche B totals CHF 140 million and matures in eight years. The net proceeds from the issuance will be used for general corporate purposes.
Reference: CapLaw-2025-24 -
Read more: Thermo Fisher issues CHF 1.425 billion bond
Thermo Fisher issues CHF 1.425 billion bond
US-based biotech multinational Thermo Fisher Scientific has successfully issued CHF 1.425 billion in bonds under Swiss law. The transaction, structured across five tranches, represents the largest Swiss franc bond issuance by a US corporate to date. The bonds have been provisionally admitted to trading, with an application for definitive admission and listing on the SIX…
Reference: CapLaw-2025-25 -
Read more: Groupe Bader acquires majority stake in Zwahlen & Mayr
Groupe Bader acquires majority stake in Zwahlen & Mayr
Groupe Bader SA has acquired an indirect 81.47% of the shares in Zwahlen & Mayr S.A., a Swiss company listed on SIX Swiss Exchange. The transaction remains subject to customary closing conditions, with completion expected by mid-April 2025. Founded in 1881, Zwahlen & Mayr specializes in the production of welded, seamless and precision redrawn tubes…
Reference: CapLaw-2025-26 -
Read more: CHF 1.335 billion share placement in Galderma
CHF 1.335 billion share placement in Galderma
Sunshine SwissCo GmbH, a consortium led by EQT, has completed an accelerated bookbuilding process aimed at professional investors in Switzerland and qualified investors abroad, resulting in the placement of 15 million shares in Galderma. The shares were priced at CHF 89 each, generating total gross proceeds of CHF 1,335 million. The placement does not affect…
Reference: CapLaw-2025-27 -
Read more: Swiss Life places EUR 500 million senior bond
Swiss Life places EUR 500 million senior bond
Swiss Life has placed a EUR 500 million senior bond. The bond, carrying a 3.75% coupon and maturing in 2035, was placed with European investors. Swiss Life Holding guarantees the bond, and the proceeds will be used for general corporate purposes, including potential refinancing of existing debt. The joint lead managers were BNP Paribas, J.P….
Reference: CapLaw-2025-28 -
Read more: EFG International issues CHF 340 million dual-tranche bonds
EFG International issues CHF 340 million dual-tranche bonds
Swiss private banking group EFG International has issued CHF 340 million in senior unsecured dual-tranche bonds by EFG Bank. The bonds are listed on SIX Swiss Exchange. Tranche one amounts to CHF 175 million, has a three-year maturity, and carries a fixed coupon of 1.13% per annum. Tranche two totals CHF 165 million, with a…
Reference: CapLaw-2025-29 -
Read more: SIG Group places EUR 625 million bond
SIG Group places EUR 625 million bond
SIG Group has successfully placed EUR 625 million in bonds. The bonds were issued by SIG Combibloc PurchaseCo S.à.r.l. and are guaranteed by SIG Group AG. Carrying a 3.75% coupon, the bonds mature in 2030. Headquartered in Neuhausen am Rheinfall, SIG Group provides global solutions for aseptic carton packaging systems. BNP Paribas and BofA Securities…
Reference: CapLaw-2025-30 -
Read more: Galderma debuts on euro and CHF bond markets
Galderma debuts on euro and CHF bond markets
Galderma has completed its inaugural EUR 500 million bond issuance as well as CHF 435 million dual-tranche bond placement. Galderma made its Eurobond market debut with a EUR 500 million issuance maturing in 2030 and carrying a 3.5% coupon. The bonds were issued by Galderma Finance Europe B.V. and guaranteed by Galderma Group. BNP Paribas,…
Reference: CapLaw-2025-31