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.

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

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.

Expiration of Swiss Stock Exchange Equivalence and Activated Protective Measure

On 30 June 2019, the European Commission did not extend the so-called equivalence recognition of the Swiss legal framework applicable to stock exchanges. As a reaction, the Swiss Federal Department of Finance activated countermeasures designed to protect Swiss financial market infrastructures, in particular Swiss stock exchanges. This article provides an overview of the events surrounding the equivalence of the legal and supervisory framework applicable to stock exchanges and further discusses key legal considerations relevant to financial market participants.

By Ramona von Riedmatten (Reference: CapLaw-2019-26)

The Rise of Swiss Domestic Covered Bond Programmes

In the recent past, Swiss domestically oriented covered bond structures have become increasingly popular. Under recent successfully established domestic, purely Swiss law governed covered bond structures, Swiss issuers have been able to replicate traditional English law elements of covered bonds under Swiss law, enabling the covered bonds to be assigned a triple-A rating. This article discusses the key features.

By Stefan Kramer / David Borer (Reference: CapLaw-2019-27)

Discontinuation of LIBOR and Swiss Law-Governed Legacy Bonds – Time to Take a Closer Look

LIBOR was – and still is – the dominant reference rate for CHF-denominated floating rate and other variable interest rate bonds. There is still a significant number of outstanding “legacy bonds” with such variable interest rates that have maturities beyond the end of 2021, the announced time for the discontinuation of LIBOR. This article discusses considerations for issuers and bondholder representatives in dealing with such “legacy bonds”.

By René Bösch / Eduard De Zordi / Benjamin Leisinger / Lee Saladino (Reference: CapLaw-2019-28)