On 21 November 2023, following its spin-off from Novartis on 4 October 2023, Sandoz, a global leader in the generics and biosimilars markets successfully placed EUR 2.0 billion senior guaranteed Eurobonds and CHF 750 million senior bonds. The Eurobonds are issued in three tranches with EUR 700 million 3.97% bonds due 2027, EUR 700 million 4.22% bonds due 2030 and EUR 600 million 4.50% bonds due 2033 whereas the CHF bonds were issued in two tranches with CHF 400 million 2.125% bonds due in 2026 and CHF 350 million 2.600% bonds due in 2031. The Eurobonds are issued by Sandoz Finance B.V. and guaranteed by Sandoz Group Ltd (SIX: SDZ). BNP Paribas, J.P. Morgan and Mizuho acted as Joint Active Bookrunners for the Eurobonds and BNP Paribas and UBS acted as Joint Lead Managers for the CHF tranches.

On 6 October 2023 UBS Switzerland Ltd has established a CHF 20 billion program for the issuance of Covered Bonds issued by UBS Switzerland Ltd and guaranteed by UBS Hypotheken Schweiz Ltd. The Covered Bonds issued under the program will be indirectly backed by a portfolio of mortgages from UBS Switzerland Ltd’s domestic mortgage pool.

On 11 December 2023, ams Osram, which is listed on the SIX Swiss Exchange, completed a rights issue with proceeds of approximately CHF [775] million. ams OSRAM intends to use the proceeds to redeem its outstanding senior notes. The rights issue consisted of a rights offering to existing shareholders, subject to certain limitations based on residency, and an international offering, in which the offered shares in respect of which rights have not been validly exercised were sold to institutional investors or otherwise in the market. UBS, HSBC and Morgan Stanley acted as Joint Global Coordinators in this transaction.]

PureGym successfully completed the offering of EUR 380 million 8.250% senior secured notes due 2028, GPB 475 million 10.000% senior secured notes due 2028 and a GPB 175.5 million super senior revolving credit facility for PureGym. The net proceeds of the notes will be used to refinance PureGym’s existing financial indebtedness. PureGym is a leading European gym and fitness operator, with approximately 1.9 million members across more than 550 sites in the United Kingdom, Denmark and Switzerland. 

Clariant AG has placed a CHF 150 million bond with a term to maturity of five years. The net proceeds will be used for general financing purposes. Clariant is one of the world’s leading specialty chemical companies that contributes to value creation with innovative and sustainable solutions for customers from many industries. 

On 4 October 2023, Novartis AG completed the spin-off of the Sandoz generics and biosimilars business, and Sandoz Group AG debuted as independent publicly traded company. The Sandoz shares were listed on SIX Swiss Exchange. The spin-off has been effected through a tax-neutral dividend-in-kind distribution of Sandoz shares to holders of Novartis shares and of Sandoz ADRs to holders of Novartis ADRs that that was previously approved by Novartis shareholders at an extraordinary general meeting. Sandoz is a European champion and a global leader in Generics and Biosimilars.

On 2 October 2023, Autoneum Holding AG, headquartered in Winterthur, Switzerland, and listed on SIX Swiss Exchange under the ticker symbol AUTN, completed its rights offering launched on 14 September 2023, with net proceeds of approximately CHF 100 million. The net proceeds will be used to partially repay the bridge loan which Autoneum entered into to provide financing for its acquisition of Borgers’ automotive business. Autoneum is a global leader in acoustic and thermal management for vehicles. It operates 67 production facilities worldwide and employs around 16,600 people in 24 countries.

Vontobel has successfully placed new Additional Tier 1 bonds (AT1 bonds) with a nominal value of USD 400 million in two tranches of USD 200 million and a denomination of USD 200,000 each with funds managed by Apollo Global Management. The issue price of the AT1 bonds is 100 percent and payment occurred on 28 September 2023. The AT1 bonds have an expected Baa2 rating from Moody’s. Vontobel Holding AG is assigned an A2 issuer rating by Moody’s.

On 28 September 2023, Raiffeisen Schweiz Genossenschaft successfully completed its Bond issuance in the amount of CHF 100 million. The bonds are traded and will be formally listed on SIX Swiss Exchange.

On 22 September 2023, UBS Group AG successfully completed its issuance of USD 1.25 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due December 2027, USD 1.5 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due September 2029 and USD 1.75 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due September 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.