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
CapLaw PDF Archive
  • Sandoz repays existing bonds and issues new bonds

    Sandoz, a global leader in generics and biosimilars, has announced that it has fully repaid USD 750 million equivalent USD and EUR term loans that were put in place in September 2023, just before its spin-off from Novartis. The repayment was funded through proceeds from successful bond transactions: – On 13 March 2025, Sandoz issued a…

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    CapLaw

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    Read more: Sandoz repays existing bonds and issues new bonds
  • nxtAssets lists Bitcoin and Ethereum ETPs on SIX 

    nxtAssets GmbH has listed on SIX Swiss Exchange its first physically backed Exchange Traded Products (ETPs): nxtAssets Bitcoin direct (ISIN: DE000NXTA018) and nxtAssets Ethereum direct (ISIN: DE000NXTA026). The products are also traded on Deutsche Börse via Xetra. The ETPs are fully backed by physical holdings of Bitcoin and Ethereum, with custody provided by Crypto Finance…

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    CapLaw

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    Read more: nxtAssets lists Bitcoin and Ethereum ETPs on SIX 
  • 21Shares AG lists Dogecoin-linked ETP on SIX

    On 9 April 2025, 21Shares AG, a leading global issuer of crypto ETPs, successfully issued and listed on the SIX Swiss Exchange its new 21Shares Dogecoin ETP (DOGE). This ETP is linked to and fully physically collateralized by Dogecoin and is traded in USD and EUR.  For this ETP, 21Shares AG has formed an exclusive…

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    CapLaw

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    Read more: 21Shares AG lists Dogecoin-linked ETP on SIX
  • New Zealand LGFA issues CHF 220 million debut notes 

    On 2 April 2025, New Zealand Local Government Funding Agency Limited successfully completed its inaugural CHF-denominated bond issuance under its Euro Medium Term Note (EMTN) Programme. The CHF 220 million 0.77% fixed rate notes are due in 2032 and are guaranteed by certain New Zealand local authorities. The notes are governed by English law and have…

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    CapLaw

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    Read more: New Zealand LGFA issues CHF 220 million debut notes 
  • Swiss Re launches USD 10 billion multi-currency debt issuance program

    On 1 April 2025, Swiss Re launched, under its USD 10 billion Debt Issuance Programme, an offering of: (i) EUR 750 million Guaranteed Subordinated Fixed Rate Reset Notes with a Scheduled Maturity in 2033; (ii) USD 750 million Guaranteed Subordinated Fixed-to-Floating Rate Notes with a Scheduled Maturity in 2046; and (iii) SGD 450 million Guaranteed Subordinated…

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    CapLaw

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    Read more: Swiss Re launches USD 10 billion multi-currency debt issuance program
  • Sika‘s CHF 500 million bond issuance

    In March 2025, Sika AG placed bonds totaling CHF 500 million across three tranches. The payment date of the new bonds was 24 March 2025, and the new bonds were listed on SIX Swiss Exchange. The net proceeds of the bond issuance are used for general corporate purposes, including the refinancing of existing financial indebtedness. …

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    CapLaw

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    Read more: Sika‘s CHF 500 million bond issuance
  • Green Shoots in Winter: The Revival of the Swiss IPO Market?

    After several years of subdued activity, the IPO market in Switzerland underwent something of a resurgence in 2024. This revival was underpinned by key transactions, a shift in investor sentiment, and broader trends in European capital markets, all of which have contributed to renewed confidence in the viability of Swiss public listings. Looking toward 2025…

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    Deirdre Ní Annracháin

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    Read more: Green Shoots in Winter: The Revival of the Swiss IPO Market?
  • Lift of Swiss Protective Measures Against EU Trading Venues

    On 29 January 2025, the Swiss Federal Council (the Federal Council) decided to lift protective measures introduced when the European Union (EU) refused to recognize Swiss stock exchanges as equivalent, as of 1 May 2025. This article provides an overview of the situation so far, the decision of the Federal Council and its impact on…

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    Urs Kägi

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    Florian Schweighofer

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  • The Boom of Exchange Traded Products (ETPs)

    ETFs and ETPs have grown to over USD 7 trillion in assets under management (AuM) of which ETPs contributed USD 1 trillion. To reflect on selected key legal aspects which are relevant in the course of this boom the article at hand examines the regulatory framework for ETPs in Switzerland with a focus on structuring…

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    Luca Bianchi

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    Michael Kremer

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    Donja Gehrig

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    Read more: The Boom of Exchange Traded Products (ETPs)
  • M&A Transactions in the Swiss Financial Market – Part II: Asset Deals involving Swiss Regulated Entities

    The Swiss financial market laws provide for a number of regulatory notification and approval requirements which must be adhered to in the context of asset deals involving entities prudentially supervised by FINMA. This article provides an overview of the relevant regulatory requirements which may be applicable in the context of acquiring a portfolio of assets,…

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    Alexander Wherlock

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    Read more: M&A Transactions in the Swiss Financial Market – Part II: Asset Deals involving Swiss Regulated Entities