News, Deals & Cases

Credit Suisse Group AG was successfully substituted for Credit Suisse Group Funding (Guernsey) Limited as issuer under seven different series of outstanding bail-in bonds issued by Credit Suisse Group Funding (Guernsey) Limited and with an aggregate principal amount of approximately USD 10.4 billion. In connection with this issuer substitution, all rights and obligations of Credit…

On 15 September 2020, Nestlé Holdings, Inc. successfully completed its issuance of USD 1.15bn 0.375% Notes due 2024, USD 750m 0.625% Notes due 2026, USD 1.1bn 1.000% Notes due 2027 and USD 1bn 1.250% Notes due 2030. The Notes are guaranteed by the Nestlé group’s Swiss parent company Nestlé SA. The offering of the Notes…

On 23 September 2020, ADC Therapeutics SA (NYSE: ADCT), a Swiss-based late clinicalstage oncology-focused biotechnology company pioneering the development and commercialization of antibody drug conjugates, announced the pricing of its upsized follow-on public offering of shares in the United States, thus raising gross proceeds of approx. USD 204m. In addition, certain existing shareholders had granted…

Novartis Finance S.A., a subsidiary of Novartis AG, issued EUR 1.85bn sustainability-linked bonds due 2028 with an interest rate of 0.000%. The bonds are the first of its kind in the healthcare industry and the first sustainability-linked bonds incorporating social targets, with bondholders entitled to receive a higher amount of interest if Novartis fails to…

On 30 September 2020, Zürcher Kantonalbank successfully placed CHF 275m 1.75% AT1 Write-Down Notes. The notes qualify as both additional tier 1 capital as well as going concern capital under Swiss regulations for systemically relevant banks. This transaction was the first transaction in Switzerland done in reliance on the exemption in the new prospectus regime…

On 21 October 2020, Idorsia announced that it completed its at-market rights offering consisting of a of 23,800,000 new shares. 15,825,319 new shares were subscribed to by existing shareholders in the rights offering and 7,974,681 new shares were placed with investors in the bookbuilding process. Idorsia expects to raise gross proceeds of CHF 535.5m based…

On 20 October 2020, Dufry AG announced that it had successfully concluded its rights offering. The offer price of the new shares was set at CHF 33.22 per share, corresponding to the volume weighted average price of the existing shares as of market close on 19 October 2020. All 24,696,516 offered shares were sold in…

Athene Global Funding issued CHF 265m Bonds in the form of a GIC bond. Credit Suisse AG acted as lead manager, together with BNP Paribas (Suisse) SA and Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch. The Bonds will be listed on the SIX Swiss Exchange.

On 23 October 2020, Kuros Biosciences, a life science company focusing on the development and marketing of orthobiologics, completed a capital increase by way of a rights offering to its shareholders. 50.2% of the shareholders of Kuros Biosciences exercised their subscription rights in the rights offering. The remaining 4,192,530 offered shares were placed in the…