News, Deals & Cases

On 19 July 2012, Sunrise Communications SA (Sunrise), a leading Swiss telecommunication operator, partially refinanced its debt by Sunrise Communications International S.A. (Sunrise International) successfully placing a CHF 896,000,000 (equivalent) aggregate principal amount of fixed rate and floating rate senior secured notes due 2017 in the market, and Sunrise itself raised a new CHF 250,000,000…

On 10 July 2012, the Swiss Financial Market Supervisory Authority FINMA opened the consultation process on the Collective Investment Schemes Bankruptcy Ordinance (CISBO-FINMA). Since 1 September 2011 FINMA has been in charge for the bankruptcy over certain institutions subject to the Swiss Collective Investment Schemes Act (CISA), such as fund management companies, investment companies with…

On 7 March 2012, the Federal Administrative Court rendered an important judgment on the issues of ownership and treaty abuse in connection with fully hedged total return swaps. A Danish bank had entered into such swaps for Swiss equities and, in order to hedge its exposure, acquired the necessary number of Swiss underlyings. While Swiss…

On 1 June 2012, the Federal Council adopted a package of measures with the objective of strengthening Switzerland’s banking centre. The package includes the adoption of a total revision of the Capital Adequacy Ordinance, which requires banks to comply with the new capital adequacy rules promulgated by the Basel Committee on Banking Supervision (Basel III)…

On 19 April 2012, Toyota Industries Corporation (TICO) announced the definitive interim results of its public tender offer for all publicly held registered shares of Uster Technologies Ltd (Uster Shares). During the offer period from 15 March 2012 until 13 April 2012 a total of 3,875,296 Uster Shares were tendered. The aggregate position at the…

Swiss Reinsurance Company Ltd successfully completed the issuance and international placement through a repackaging vehicle of USD 750,000,000 perpetual subordinated notes with stock settlement (Notes) on 29 March 2012. The terms and conditions of the Notes provide for the same stock settlement feature as the CHF 320,000,000 issuance earlier this year (see CapLaw-2012-8) and also…