On 5 April 2023, Zürcher Kantonalbank priced its inaugural CHF 425 m Bail-in Bond issuance. ZKB’s Bail-in Bonds are novel instruments which have been designed and issued on the basis of a new legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (TLAC) Bonds. The Bail-in Bonds provide for the issuance of a recovery certificate (Besserungsschein) in the event that the Swiss Financial Market Supervisory Authority FINMA orders the partial or complete reduction of the bondholders’ claims under the Bail-in Bonds in a restructuring proceeding concerning Zürcher Kantonalbank pursuant to the Swiss Banking Act.

On 3 May 2023, Raiffeisen Schweiz Genossenschaft, a Swiss systemically relevant bank, successfully completed its issuance of EUR 500 million of 4.840 per cent. debt instruments for loss absorbency in the event of insolvency measures (bail-in bonds) due 2028.

Lonza Group AG, through its wholly-owned subsidiary Lonza Swiss Finance Ltd, successfully placed CHF 300 million 2.1% guaranteed senior bonds due 2029. The bonds are listed on SIX Swiss Exchange.

In February 2023, Credit Suisse AG completed its issuance of EUR 750 million aggregate principal amount of 5.550 per cent. senior notes due 2026 in two tranches. The Notes were issued under Credit Suisse AG’s Euro Medium Term Note Programme.

On 3 February 2023, Dufry AG announced its strategic combination with Autogrill through the transfer of a 50.3% stake in Autogrill S.p.A held by Edizione S.p.A to Dufry and a subsequent mandatory public exchange offer for the remaining Autogrill shares at the same terms as Edizione and with a cash alternative of EUR 6.33 per Autogrill share.

On 1 February 2023, ABB E-mobility announced an agreement with four minority investors to raise an additional CHF 325 million in a second pre-IPO investment round, in exchange for a total shareholding of approximately 12 percent in the company, bringing the total of funds raised in pre-IPO investments to approximately CHF 525 million.

In January 2023, Credit Suisse AG completed its issuance of GBP 500 million aggregate principal amount of 7.750 per cent. senior notes due 2026 as well as its registered offering of USD 3.75 billion aggregate principal amount of senior notes. The USD offering consisted of USD 1.25 billion aggregate principal amount of 7.950% senior notes due 2025 and USD 2.5 billion aggregate principal amount of 7.500 per cent. due 2028. The notes were issued under Credit Suisse AG’s U.S. medium-term note program and pursuant to its shelf registration statement on file with the U.S. Securities and Exchange Commission. 

In January 2023, UBS Group AG completed its issuances of EUR 1 billion in aggregate principal amount of 4.375 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due January 2031, USD 1.75 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due January 2027 and USD 2.25 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due January 2034 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 requirement.

On 3 October 2022, Accelleron Industries AG, a global leader in high-power turbochargers for mission-critical applications, announced that its spin-off from ABB has completed successfully. Accelleron’s entire issued share capital has been admitted to start trading on the SIX Swiss Exchange in Zurich, under the ticker symbol “ACLN” effective as of 3 October 2022. The listing follows the approval by ABB shareholders for the spin off at ABB’s extraordinary general shareholders meeting of 7 September 2022.