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Walder Wyss Ltd

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SEEFELDSTRASSE 123, PO BOX 1236, 8034 ZURICH, SWITZERLAND
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Valiant Bank AG places inaugural Swiss Covered Bond

December 2017

Valiant Bank AG has successfully placed a CHF250 million covered bond with a 10 year term and carrying a coupon of 0.375 percent. Moody's assigned a provisional (P)Aaa rating to Valiant Bank AG's mortgage covered bonds. Valiant Bank AG intends to have the covered bonds provisionally admitted to trading at the SIX Swiss Exchange on 5 December. The transaction is the first public covered bond issuance entirely structured under Swiss law with a Swiss guarantor. BNP Paribas (Suisse) SA and ZĂĽrcher Kantonalbank act as lead-manager.

Walder Wyss acted as transaction counsel to the co-arrangers Valiant Bank AG and BNP Paribas (Suisse) SA and advised on all legal and tax aspect. The Walder Wyss team included Thomas MĂĽller (partner, finance),  Johannes BĂĽrgi (partner, finance), Elisabeth Moskric (counsel, finance), Thomas Meister (partner, tax), Christine Glättli (managing associate, corporate), Ursina Gremminger (associate, tax) and Matthias Lötscher (associate, finance).

Legal Developments by:
Walder Wyss

  • 17 February 2017: Auris Medical's Public Equity Offering

    Auris Medical Holding AG (NASDAQ: EARS) issued and priced its public offering of 10,000,000 common shares and 10,000,000 warrants, each warrant entitling its holder to purchase 0.70 of a common share.  The common shares and warrants are being sold in units comprised of one common share and one warrant at the public offering price of USD 1.00 per unit. The warrants will be immediately exercisable at a price of USD 1.20 per common share and are exercisable for five years. In connection with the offering, the Company has granted the underwriter a 30-day option to purchase up to 1,500,000 additional common shares and/or 1,500,000 additional warrants at the public offering price less underwriting discounts. The offering is expected to close on or about February 21, 2017, subject to customary closing conditions. Roth Capital Partners is acting as sole book-running manager in the offering. Maxim Group LLC is acting as a financial advisor in the offering.
    - Walder Wyss Ltd

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