News, Deals & Cases

Pentair, Inc. (Pentair), a US company listed on the NYSE, and Tyco International Ltd (Tyco), a Swiss company listed on the NYSE, announced an agreement to combine Tyco’s flow control business with Pentair in a cross border merger. Upon completion of the transaction Tyco shareholders will own approximately 52.5% of the combined company and Pentair…

In the first public Swiss auto lease securitization transaction, a portfolio of auto lease assets originated in Switzerland by GE Money Bank AG, which is part of GE Capital, was transferred to the newly set-up special purpose vehicle Swiss Auto Lease 2012-1 GmbH (Issuer). The Issuer issued CHF 200,000,000 asset-backed senior notes due 2015 listed…

In the largest IPO in recent years DKSH Holding AG (DKSH) went public on 20 March 2012 on the SIX Swiss Exchange. DKSH is the leading market expansion services provider with a focus on Asia, and one of the top 20 Swiss companies ranked by sales and employees. The IPO comprised a public offering in…

On 22 February 2012, UBS AG announced the issuance of USD 2 billion 7.25% Tier 2 subordinated notes with a maturity of 10 years (Notes). The Notes constitute a novel loss-absorbing instrument, providing for a full write-down if UBS AG’s CET 1 capital falls below 5% of its risk-weighted assets, and qualify both as tier…

On 9 February 2012, Swiss Reinsurance Company Ltd (Issuer) successfully completed the issuance and placement of CHF 320,000,000 perpetual subordinated notes with stock settlement (Notes). Under the terms and conditions (Conditions) of the Notes, the Issuer may initiate a stock settlement procedure which combines a write-down of the principal amount of the Notes with the…

On 18 January 2012, Zürcher Kantonalbank (ZKB) launched a CHF 590m 3.50% Tier 1 Perpetual Subordinated Bonds transaction in the Swiss market, placed through UBS AG and ZKB as Joint-Lead Managers. These Tier 1 Perpetual Subordinated Bonds are a novel instrument, in particular providing for a write-down if ZKB’s CET 1 capital falls below 7%…

EFG International, a global private banking group headquartered in Zurich with EFG International AG’s registered shares listed on the SIX Swiss Exchange, made an exchange offer to proactively manage and strengthen the quality of its regulatory capital in light of the transition to the Basel III Framework by converting regulatory capital subject to a 10…

On 15 February 2012, the Federal Council decided that the draft bill “Too Big To Fail” resulting in an amendment of the Banking Act will enter into force on 1 March 2012. This amendment was passed by parliament on 30 September 2011. Under the new rules systemically important banks will have to meet more stringent…

The Swiss Financial Market Supervisory Authority FINMA has opened consultation on the new Insurance Bankruptcy Ordinance FINMA (IBO-FINMA). Since the Insurance Supervision Act (ISA) has been amended as part of the deposit protection scheme bill on 1 September 2011, FINMA has become responsible for the opening and execution of bankruptcy proceedings over insurers, reinsurers and…