Author Archives: CapLaw

Public Exchange Offer for Panalpina

In the public exchange offer by DSV A/S, Hedehusene, Denmark, for the publicly held shares of Panalpina Welttransport (Holding) AG, listed on SIX Swiss Exchange and headquartered in Basel, Switzerland, a total of 23’379’700 Panalpina shares were tendered into the offer, corresponding to 98.44% of all shares issued by Panalpina. DSV consummated the offer on 19 August 2019. The total value of the transaction is approximately USD 5.5 billion.

Credit Suisse Establishes Covered Bond Programme

Credit Suisse (Schweiz) AG established its CHF 20 billion Covered Bond Programme irrevocably guaranteed as to payments of interest and principal by Credit Suisse (Schweiz) Hypotheken AG and on 16 July 2019 completed its inaugural issuance of CHF 250 million 0.000% Fixed Rate Covered Bonds due 2029 thereunder. The Covered Bonds are indirectly backed by a portfolio of domestic mortgages originated by Credit Suisse Schweiz.

Cembra Money Bank Financing of its Acquisition of cashgate

To finance the purchase price for its acquisition of cashgate and the refinancing of cashgate’s loan portfolio, Cembra Money Bank has sold treasury shares for gross proceeds of CHF 112.8 million in an accelerated bookbuilding and issued CHF 150 million Perpetual Additional Tier 1 Bonds as well CHF 250 million Net Share Settled Convertible Bonds.

Julius Baer Issues Perpetual Tier 1 Subordinated Bonds

On 25 June 2019, Julius Baer Group Ltd. issued CHF 350 million Perpetual Tier 1 Subordinated Bonds. The Bonds have been admitted to trading on the SIX Swiss Exchange.

Credit Suisse Issues Bail-inable Notes under EMTN Programme

On 24 June 2019, Credit Suisse Group AG completed the issuance of EUR 1 bn 1.000% Fixed Rate Reset Senior Callable Notes due 2027 under its Euro Medium Term Note (EMTN) Programme. The Notes are governed by Swiss law, eligible to count towards Credit Suisse’s Swiss gone concern requirement and exempted from the Swiss withholding tax regime. The Notes have been admitted to trading on the SIX Swiss Exchange. 

Credit Suisse Issues SGD 750 million 5.625 per cent. Perpetual Tier 1 Contingent Write-down Capital Notes

On 6 June 2019, Credit Suisse Group AG issued SGD 750 million 5.625 per cent. Perpetual Tier 1 Contingent Write-down Capital Notes. The Notes are “high trigger” additional tier 1 capital instruments that are eligible to fulfill Credit Suisse’s Swiss going concern requirements. They feature a full contractual write-down if (among other events) Credit Suisse’s consolidated common equity tier 1 capital falls below 7 per cent. of its consolidated risk weighted assets. The Notes are traded on the SIX Swiss Exchange.

Quo Vadis – Financial Centre Switzerland? New Developments in Client and Investor Protection in Financial Markets Regulation

(Quo Vadis – Finanzplatz Schweiz? Neuerungen beim Kunden- und Anlegerschutz im Finanzmarktrecht)

Wednesday, 28 August 2019, Universität Zürich-Zentrum, Zurich
http://www.eiz.uzh.ch/uploads/tx_seminars/Programm_Quo_Vadis_28.08.2019.pdf

22nd Conference Mergers & Acquisitions

(22. Zürcher Konferenz Mergers & Acquisitions)

Tuesday, 3 September 2019, Lake Side, Zurich
http://www.eiz.uzh.ch/uploads/tx_seminars/Programm_M_A_03.09.2019__01.pdf

Capital Markets and Transactions XV

(Kapitalmarkt – Recht und Transaktionen XV)

Tuesday, 19 November 2019, Metropol, Zurich
http://www.eiz.uzh.ch/uploads/tx_seminars/Programm_Kapitalmarkt_19.11.2019.pdf

Acquisition of cashgate by Cembra Money Bank

Cembra Money Bank has agreed to acquire cashgate. The purchase price for the acquisition of cashgate and the refinancing of cashgate’s loan portfolio is partly backed by a bridge facility and is financed and refinanced by the sale of treasury shares (gross proceeds of CHF 112.8 million) in an accelerated bookbuilding, the placement of CHF 150 million perpetual additional Tier 1 bonds and CHF 250 million net share settled convertible bonds.