Welcome to CapLaw
CapLaw is a digital newsletter with international reach established and led by the General Editors. We provide up-to-date information on legal and regulatory developments regarding the capital markets, publish concise articles on developments in the Swiss and international financial markets, and announce recent deals and forthcoming events. CapLaw is addressed to all Swiss and international lawyers, in-house counsel, financial institutions and corporates, as well as those who are interested in the Swiss capital markets.
The General Editors
René Bösch, Homburger AG
Matthias Courvoisier, Baker McKenzie Switzerland AG
Benjamin Leisinger, Homburger AG
Ralph Malacrida, Bär & Karrer AG
Nina Reiser, University of St.Gallen
Thomas Reutter, Advestra AG
Patrick Schleiffer, Lenz & Staehelin
Philippe A. Weber, Niederer Kraft & Frey AG
Thomas Werlen, Quinn Emanuel Urquhart & Sullivan, LLP
CapLaw Themes
- FinSA (FIDLEG) (32)
- FinIA (FINIG) (11)
- Insurance (8)
- Securities (99)
- Regulatory (138)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (503)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: Editorial | Switzerland‘s IPO Market: Unlocking the Next Wave of Mid-Cap Listings
Editorial | Switzerland‘s IPO Market: Unlocking the Next Wave of Mid-Cap Listings
The Swiss IPO market saw a welcome reopening in 2024 and 2025. Galderma, Sunrise, SMG Swiss Marketplace Group and Bioversys demonstrated that SIX Swiss Exchange is a competitive listing venue across deal sizes and sectors. From the perspective of a domestically anchored capital markets bank, this is the right starting point: the infrastructure works, the…
Reference: CapLaw-2026-17 -
Read more: Back from Moratorium: Bondholder-Driven Restructuring and Going Public
Back from Moratorium: Bondholder-Driven Restructuring and Going Public
This article analyzes the key legal issues in HT5‘s restructuring and return to the public markets. It reviews the hybrid bond reorganization (out-of-moratorium vs. in-moratorium reorganization) and related takeover and reporting questions, as well as the evidentiary approach applied to lifting the moratorium. It further addresses how the shares required for the conversion were made…
Reference: CapLaw-2026-18 -
Read more: The Impact of the New Swiss ForeignDirect Investment (FDI) Regime onCapital Market Transactions
The Impact of the New Swiss ForeignDirect Investment (FDI) Regime onCapital Market Transactions
The Swiss Parliament has approved the Investment Screening Act (ISA) which forms the basis of the Swiss FDI regime, on 19 December 2025. As no popular referendum had been initiated by the end of the respective deadline on 17 April 2026, the ISA will enter into force and the Federal Government is expected to publish…
Reference: CapLaw-2026-19 -
Read more: The New Payment Instrument InstitutionsLicense under the revised Swiss Financial Institutions Act – An Opportunity forForeign Payment Service Providers?
The New Payment Instrument InstitutionsLicense under the revised Swiss Financial Institutions Act – An Opportunity forForeign Payment Service Providers?
On 22 October 2025, the Swiss Federal Council initiated the consultation process for a revision of the Financial Institutions Act. The proposed legislation aims to increase financial innovation under the Swiss regulatory framework. Under the revised Financial Institutions Act, the Federal Council, intends to introduce a new license category, the “Payment Instrument Institution“ which will…
Reference: CapLaw-2026-20 -
Read more: HT5 AG‘s Merger with Centiel SA and Placement of 15,386,988 Shares
HT5 AG‘s Merger with Centiel SA and Placement of 15,386,988 Shares
On 13 April 2026, the shareholders of HT5 AG, a company with shares listed on SIX Swiss Exchange, and Centiel SA approved their merger, creating a listed Swiss technology company active in the uninterruptible power supply (UPS) sector. Trading in the shares of the merged company under the name Centiel AG and the ticker CNTL…
Reference: CapLaw-2026-21 -
Read more: Mondelēz International‘s Issuance of CHF 850 Million Bonds
Mondelēz International‘s Issuance of CHF 850 Million Bonds
On 10 April 2026, Mondelēz International, Inc., placed bonds in the aggregate amount of CHF 850 million in Switzerland. The offering included CHF 325 million aggregate principal amount of 0.9575% senior notes due 2029, CHF 245 million aggregate principal amount of 1.2713% senior notes due 2032 and CHF 280 million aggregate principal amount of 1.6250% senior notes due 2036. Deutsche…
Reference: CapLaw-2026-22 -
Read more: SIG Group‘s Issuance of EUR 500 Million Bond
SIG Group‘s Issuance of EUR 500 Million Bond
On 4 April 2026, SIG Combibloc PurchaseCo S.à r.l. placed EUR 500 million bonds with a coupon rate of 4.000% due 2031, guaranteed by SIG Group. BNP PARIBAS, BofA Securities, DZ BANK AG, HSBC and Coöperative Rabobank U.A. acted as active bookrunners in this placement.
Reference: CapLaw-2026-23 -
Read more: EFG International‘s Issuance of CHF 130 Million Senior Unsecured Bonds, CHF 140 Million Reopening under Existing Bonds andEUR 500 Million 3.925% Guaranteed Bonds
EFG International‘s Issuance of CHF 130 Million Senior Unsecured Bonds, CHF 140 Million Reopening under Existing Bonds andEUR 500 Million 3.925% Guaranteed Bonds
On 2 April 2026, EFG Bank AG issued new CHF 130 million domestic senior unsecured bonds with a fixed annual coupon of 1.2350% due 2032. Concurrently, EFG Bank AG completed the first reopening under the existing CHF 125 million 0.9625% senior unsecured bonds due 2029 by issuing CHF 140 million additional domestic senior unsecured bonds. The bonds are…
Reference: CapLaw-2026-24 -
Read more: Nestlé‘s Issuance of USD 2 Billion Senior Guaranteed Notes
Nestlé‘s Issuance of USD 2 Billion Senior Guaranteed Notes
On 18 March 2026, Nestlé Capital Corporation issued USD 750 million in aggregate principal amount of 4.200% notes due 2031, USD 500 million in aggregate principal amount of 4.500% notes due 2033, and USD 750 million in aggregate principal amount of 4.800% notes due 2036. The notes are guaranteed by the Nestlé group‘s Swiss parent company Nestlé S.A….
Reference: CapLaw-2026-25 -
Read more: Novartis‘s Issuance of USD 11 Billion Multi‑Tranche Notes
Novartis‘s Issuance of USD 11 Billion Multi‑Tranche Notes
On 18 March 2026, Novartis Capital Corporation issued USD 11 billion notes in seven tranches. The offering comprised USD 500 million floating rate notes due 2029 (compounded SOFR + 0.650%) and six fixed-rate series totaling USD 10.5 billion with coupons from 4.100% to 5.700% and due between 2029 and 2056. The notes are guaranteed by Novartis AG.
Reference: CapLaw-2026-26