Category Archives: News, Deals & Cases
Zürcher Kantonalbank’s Issuance of Fixed-to-Floating Rate Tier 2 Bonds
On 13 April 2022, Zürcher Kantonalbank successfully completed its issuance of EUR 500 million 2.020 per cent. Fixed-to-Floating Rate Tier 2 Bonds due 2028. The Bonds are regulatory capital instruments that are eligible to fulfil Zürcher Kantonalbank’s Swiss gone concern requirements.
Bell Food Group’s Issuance of Bonds
On 11 April 2022 Bell Food Group placed CHF 300 million bonds with a term to maturity of 7 years. The net proceeds will be used to refinance the existing bond that matured on 16 May 2022 as well as for general financing purposes, in particular for the investment programme for Switzerland. With this investment programme, the Bell Food Group is investing in its core Swiss business in order to further strengthen its productive capacity.
Credit Suisse AG’s Registered Offering of Senior Notes
On 7 April 2022, Credit Suisse AG completed its registered offering of USD 2.5 billion aggregate principal amount of senior notes. The offering consisted of USD 2.1 billion aggregate principal amount of 3.700% senior notes due 2025 and USD 400 million aggregate principal amount of floating rate senior notes due 2025. The notes were issued under Credit Suisse AG’s U.S. medium-term note program and pursuant to its shelf registration statement of file with the U.S. Securities and Exchange Commission.
Geberit’s Bond Offering
On 29 March 2022, Geberit AG completed the issuance and placement of CHF 150 million fixed rate bonds with a term of 5.5 years and a coupon of 0.75%. The Bonds have been admitted to trading and listed on SIX Swiss Exchange.
Credit Suisse Group AG’s Issuance of Bail-inable Notes
On 24 March 2022, Credit Suisse Group AG successfully completed its issuance of (i) EUR 2 billion aggregate principal amount of 2.125 per cent. Fixed Rate Reset Senior Callable Notes due 2026 and (ii) EUR 1.5 billion aggregate principal amount of 2.875 per cent. Fixed Rate Reset Senior Callable Notes due 2032 under its Medium Term Note Programme. The Notes are bail-inable bonds that are eligible to count towards Credit Suisse Group AG’s Swiss gone concern requirement.
UBS Group AG’s Issuance of EUR 1Fixed Rate/Fixed Rate Senior Notes under its Senior Debt Programme
On 21 March 2022, UBS Group AG successfully completed its issuance of EUR 1.5 billion in aggregate principal amount of 1.000 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due March 2025 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.
Roche’s Issuance of Senior Notes and Bonds
On 10 March 2022, Roche Holdings, Inc. successfully completed its issuance of USD 5 billion in aggregate principal amount of senior notes, consisting of USD 1.25 billion 1.882% Notes due 2024, USD 1 billion 2.132% Notes due 2025, USD 1,25 billion 2.314% Notes due 2027, USD 750 million Floating Rate Notes due 2023, and USD 750 million Floating Rate Notes due 2025. The notes are irrevocably and unconditionally guaranteed by Roche Holding Ltd.
Perfect Holding reverse takeover (RTO) transaction with Kinarus
On 3 June 2022, Perfect Holding SA (Perfect Holding) announced the successful completion of its reverse takeover (RTO) transaction with Kinarus AG. The SIX Swiss Exchange listed Perfect Holding has acquired more than 95% of the shares of Kinarus, a privately owned clinical-stage biopharmaceutical company engaged in the development of novel therapeutics for the treatment of viral, respiratory and ophthalmic diseases by way of a share exchange. The new shares of Perfect Holding issued to the Kinarus shareholders in exchange for their Kinarus shares have been admitted for listing and trading on the SIX Swiss Exchange as from 3 June 2022. The RTO process will be completed in the following days with a change of the company’s name from Perfect Holding into Kinarus Therapeutics Holding AG and a move of its seat from Lausanne to Basel.
Xlife Sciences First Listing on SIX Swiss Sparks
(SME) Segment
On 14 February 2022, Xlife Sciences successfully listed its shares on the standard “Sparks” of SIX Swiss Exchange — making it the very first listing on the new and regulated SME segment of SIX Swiss Exchange. Xlife Sciences focuses on the value development and commercialization of promising early-stage research projects from universities and other research institutions in the life sciences industry.
Liechtensteinische Landesbank Intends to Fully Acquire its 75% Subsidiary Bank Linth LLB
On 27 January 2022, Liechtensteinische Landesbank AG (LLB) has published the pre-announcement for a public takeover offer to acquire the approximately 25% of Bank Linth held by the public. LLB offers the shareholders of Bank Linth the free choice between a partial ex-change offer with a cash component or a full cash settlement. The State of Liechtenstein as the majority shareholder of LLB, represented by the government, will provide LLB with a maximum of 1.25 million LLB shares (corresponding to 4.1 per-cent of the shares of LLB) for the partial exchange offer.