On 18 April 2024, Swiss Steel Holding AG announced the placement of a total of 3,101,000,000 new registered shares in connection with its capital increase. The shares were sold at an offer price of CHF 0.0925 per share, resulting in gross proceeds of EUR 300 million and net proceeds of approximately EUR 294 million. The transaction was fully backstopped by BigPoint Holding AG.

On 18 April 2024, DocMorris announced the successful placement of senior unsecured guaranteed convertible bonds due 2029 for an amount of CHF 200 million, convertible into newly issued and/or existing registered shares of DocMorris AG. The bonds are issued via DocMorris Finance B.V., a directly wholly owned subsidiary of DocMorris AG, and the payment obligations under the bonds are unconditionally and irrevocably guaranteed by DocMorris AG. With the transaction, DocMorris intends to refinance the outstanding CHF122m convertible bonds due 2025. For this purpose, DocMorris announced a public repurchase offer for outstanding convertible bonds due 2025 at an offer price of CHF 5,037.50 per bond corresponding to 100.75% of the par value, plus accrued and unpaid interest.

On 12 February 2024, UBS Group AG successfully completed its offering of USD 1 bn AT1 Notes. The Notes are eligible to fulfill UBS Group AG’s Swiss going concern requirements. While the Notes are initially subject to write-down upon occurrence of a “Trigger Event” or a “Viability Event”, the terms of the Notes provide that, following approval of a minimum amount of conversion capital by UBS Group AG’s shareholders, upon occurrence of such an event, the Notes will be converted into ordinary shares of UBS Group AG rather than be subject to write-down. The Notes are governed by Swiss law and have been provisionally admitted to trading on the SIX Swiss Exchange.

On 29 January 2024, Kinarus Therapeutics Holding AG in liquidation (Kinarus) announced that it has entered into a transaction agreement (Transaction Agreement) with Curatis AG (Curatis) regarding a contemplated combination transaction. Curatis is a privately owned specialty pharmaceutical company focusing predominantly on orphan/ultra-orphan diseases and specialty care diseases. Under the terms of the Transaction Agreement, shareholders of Curatis shall exchange each outstanding Curatis share into one newly issued Kinarus share, whereby the consideration consists of approx.

Following the approval by its shareholders on 28 December 2023, Swiss listed biotech group Evolva sold its operating subsidiary Evolva AG to Danstar Ferment AG, a Swiss affiliate of Lallemand Inc. Evolva Holding SA will seek a delisting of its shares from SIX Swiss Exchange and will commence a dissolution and liquidation of the company.

Barry Callebaut issued CHF 600 million of bonds in two tranches of CHF 225 million with a coupon of 1.95% due in 2028 and CHF 375 million with a coupon of 2.3% maturing in 2032.

Volkswagen Financial Services N.V. (VW) issued two green bonds (CHF 300 million 2.2075% due 2027 and CHF 300 million 2.4925% due 2030) under the lead management of BNP Paribas (Suisse) SA, Commerzbank and Deutsche Bank. This issuance is said to be the largest CHF bond issuance by a foreign corporate issuer since 2021. The net proceeds are to be used to finance and/or refinance eligible “green projects” in connection with vehicles with zero exhaust emissions within the meaning of the “Green Finance Framework” (GFF) of the Volkswagen Financial Services AG Group dated August 2023.

On 8 and 9 January 2024, respectively, UBS Group AG successfully completed its issuance of USD 1.75 bn in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due February 2030 and USD 2.25 bn in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due February 2035 as well as EUR 1.25 bn in aggregate principal amount of 4.125 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due June 2033 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG’s Swiss gone concern requirement. The Notes are governed by Swiss law and have been provisionally admitted to trading on the SIX Swiss Exchange.

AC Immune SA (Nasdaq: ACIU) completed an underwritten offering of 14.3 million of its common shares at a price of USD 3.50 per share. The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other offering expenses, amounted to approximately USD 50.1 million.

On 4 December 2023, Roche Finance Europe B.V. issued EUR 1.5 bn Bonds guaranteed by Roche Holding Ltd. The transaction consists of a EUR 600 m tranche due December 2027 and a EUR 900 m tranche due December 2036. The bonds will be listed on the SIX Swiss Exchange and have been admitted to trading on the Open Market of the Frankfurt Stock Exchange.