Category Archives: News, Deals & Cases

Legatics

One of the editing law firms of CapLaw has gained first experience in the Swiss legal market with the legal tech software Legatics which was deployed in a complex acquisition financing involving multiple investors and borrowers. Legatics is an intelligent deal platform that allows to automatically generate conditions precedent (CP) checklists mirroring the required CPs or other deliverables under loan documents, SPAs or underwriting agreements and permits parties involved in a deal to upload documents besides specific CP-line items and to leave comments and update status with respect to such line items.

Credit Suisse successfully launched its inaugural SARON-based Additional Tier 1 Bonds in the Swiss market and SOFR-linked Bail-in Bonds in the U.S. market

In September 2019, Credit Suisse issued its inaugural SARON-based Additional Tier 1 (AT1) Bonds in the Swiss market and SOFR-linked Bail-in Bonds in the U.S. market. These are the first benchmark deals of Credit Suisse Group AG using interest rates that are based on one of the new risk-free rates established as an alternative to LIBOR, and the AT1 issuance is the first public issuance in the Swiss market to reset over mid-swaps based on SARON. 

KBL European Private Bankers S.A. to acquire Bank am Bellevue AG

In August 2019, KBL European Private Bankers S.A. (KBL epb), a pan-European private banking group headquartered in Luxembourg and operating in 50 cities across Europe, announced that it has entered into an agreement to acquire Bank am Bellevue AG (Bank), the wealth management business of the independent Swiss financial boutique Bellevue Group AG listed on the SIX Swiss Exchange. The acquisition of the Bank – which currently employs 22 staff and manages some CHF 1.7 bn in assets – marks KBL epb’s return to Switzerland.

Completion of the Public Exchange Offer for Panalpina

In August 2019, 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, was successfully completed. 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.

Definitive Interim Results of CSA’s public tender offer for Alpiq shares

Following the expiry of the offer period of its public tender offer for all publicly held shares of Alpiq Holding AG, Schweizer Kraftwerksbeteiligungs-AG, a subsidiary of CSA Energy Infrastructure Switzerland, announced that it held 89.22 percent of all Alpiq shares as of the end of the offer period. The additional acceptance period will run from 16 to 27 September 2019. The offer is expected to settle on 9 October 2019.

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.