Author Archives: CapLaw

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.

Public Exchange Offer for Panalpina

On 1 April 2019, DSV A/S, Hedehusene, Denmark and Panalpina Welttransport (Holding) AG, Zurich, Switzerland, have entered into an agreement on the terms and conditions of a combination by way of a public exchange offer by DSV for all publicly held registered shares of Panalpina for approximately CHF 4.6 billion.

IPO of Stadler

Stadler Rail AG, a leading global pure-play producer of rolling stock and related systems, successfully priced its IPO and listed its shares on the SIX Swiss Exchange. The offering consisted of 35,000,000 shares with an over-allotment option of 5,250,000 shares, all of which were offered (directly and indirectly) by Peter Spuhler.

IPO of Medacta

On 4 April 2019, Medacta Group SA, a pure play orthopaedics company, opened the IPO-season 2019 at SIX Swiss Exchange with the first day of trading of its shares. The shares of Medacta were priced at CHF 96.00 per share and on 3 May 2019, Medacta announced that the Joint Global Coordinators (Credit Suisse and Morgan Stanley) have partially exercised the over-allotment option in the amount of 438,472 existing shares at the offer price.

Spin-off of Novartis’ Alcon Business and Listing of Alcon Shares on the SIX and the NYSE

Alcon Inc., the largest eye care device company in the world, with complementary businesses in surgical and vision care, announced its debut as an independent, publicly traded company and the completion of its separation from Novartis on 9 April 2019, the day the company’s shares began trading on the SIX Swiss Exchange and New York Stock Exchange (NYSE). The Alcon shares are also included in the Swiss Market Index (SMI). In light of Alcon’s market capitalization of more than CHF 28bn (at close of trading on SIX on the first day of trading), it was the largest spin-off and listing on the SIX in a decade at least.