News, Deals & Cases

On 4 September 2025, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 million. ZKB’s Bail-in Bonds, including the newly placed EUR 500 million 3.153% 6NC5 Bail-in Bonds, have been designed and issued on the basis of a legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (Gone-Concern Capital) Bonds. If FINMA orders the partial or complete reduction of the bondholders’ claims under the Bail-in Bonds, the bondholders are entitled to receive Recovery Certificates. Such Recovery Certificates include claims, subject to multiple conditions precedent, for subsequent future compensation payments for the full or partial…

On 4 September 2025, SGS successfully launched two tranches of EUR-bonds through its subsidiary SGS Nederland Holding B.V., which are guaranteed by SGS SA. Both tranches, each amounting to EUR 500 million, were listed and admitted to trading on SIX Swiss Exchange. The use of proceeds will be utilized for general corporate purposes, including the envisaged acquisition of Applied Technical Services (ATS). BNP PARIBAS, Citigroup, HSBC and UBS acted as Active Joint Lead Managers, while CIC Market Solutions, J.P. Morgan and Société Générale Corporate & Investment Banking acted as Passive Joint Lead Managers.

On 9 September 2025, UBS Switzerland AG successfully completed its issuance of EUR 1 billion 2.783% Fixed Rate Covered Bonds due 9 September 2030, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool.

On 9 September 2025, Givaudan Finance Europe B.V. successfully completed its issuance of EUR 500 million 2.875% Guaranteed Bonds due 2029 guaranteed by Givaudan SA. The Bonds are governed by English law and listed on Euronext Dublin.

On 19 September 2025, SMG Swiss Marketplace Group Holding AG commenced trading on SIX Swiss Exchange. The transaction consisted of an offering by shareholders Ringier, Mobiliar and General Atlantic of 19,629,040 existing shares, with an over-allotment option of up to 2,944,353 existing shares. The price range for the offered shares was set at CHF 46.00 per share, resulting in an offer size of up to CHF 1,038 million (assuming full exercise of the over-allotment option) and an implied market capitalization of CHF 4.5 billion. Goldman Sachs Bank Europe SE, J.P. Morgan Securities plc and UBS AG acted as joint global…

On 23 September 2025, UBS Group AG successfully completed its issuance of (i) USD 1.25 billion Fixed Rate/Floating Rate Callable Senior Notes due December 2029, (ii) USD 700 million Floating Rate Callable Senior Notes due December 2029, (iii) USD 1 billion Fixed Rate/Floating Rate Callable Senior Notes due September 2031, (iv) USD 300 million Floating Rate Callable Senior Notes due September 2031, and (v) USD 1.75 billion Fixed Rate/Floating Rate Callable Senior Notes due March 2037 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. The Notes are governed by Swiss law and the Notes have been provisionally admitted to…

On 18 September 2025, Rieter Holding AG announced the terms of a CHF 400 million rights offering. In the rights offering, existing shareholders received one subscription right for each share they held on 22 September 2025 after the close of trading. The new shares have been offered to existing shareholders at a ratio of 25 new shares for each subscription right held. The subscription rights were tradeable on SIX Swiss Exchange. Shares for which subscription rights were not exercised were placed in the market following expiry of the rights exercise period. The first trading day for the newly issued shares…

On 18 September 2025, Salt Mobile through its parent company Matterhorn Telecom S.a. successfully completed its issuance of EUR 550 million 3.875% Guaranteed Bonds due 2030 guaranteed by Salt Mobile SA. The Bonds are governed by English law. Goldman Sachs and BofA Securities acted as Joint Global Coordinators and Joint Physical Bookrunners and BNP PARIBAS, Crédit Agricole CIB, J.P. Morgan, Société Générale and UBS Investment Bank acted as Joint Bookrunners.

On 26 September 2025, Geberit AG successfully issued CHF bonds with a volume of CHF 200 million. The bonds have a coupon of 0.950% and will be due in 2033. The bonds will be listed on SIX Swiss Exchange and Geberit is expected to use the proceeds to refinance existing indebtedness as well as for general corporate purposes. The bond issuance was managed by UBS, Raiffeisen Schweiz Genossenschaft and St. Galler Kantonalbank.