Capital markets in Switzerland

Homburger

The 'pragmatic and technically excellent' team at Homburger covers the full gamut of capital markets matters; it is regularly involved in equity transactions and equity-linked instruments, as well as in the DCM space where it advises large Swiss and international banks. As part of its full service offering, the team can also advise on the tax and regulatory aspects of related matters. Frank Gerhard handles IPOs and innovative structures, often for clients from the chemical and life sciences industries, while Benedikt Maurenbrecher's is a key name for debt capital market transactions; together they lead the practice. René Bösch has considerable experience in the capital markets space. Daniel DaenikerDieter Gericke and Daniel Häusermann, who was promoted to the partnership in January 2021, are also key contacts on the equity side.

Practice head(s):

Frank Gerhard; Benedikt Maurenbrecher

Other key lawyers:

Stefan Kramer; Lee Saladino; Benjamin Leisinger; René Bösch; Daniel Daeniker; Dieter Gericke; Daniel Häusermann

Testimonials

‘Business-oriented, technically strong’

‘Dieter Gericke: solid capital markets experience and practice supporting any complex issues to resolve.’

‘Daniel Häusermann is a young promising corporate and capital market attorney with a sharp command of Swiss corporate and banking law.’

‘Good industry knowledge, excellent in structuring instruments for regulatory purposes.’

‘Pragmatic and technically excellent.’

‘The team members keep each other posted on developments that may be relevant to others. They come up with very sound solutions that are also practicable and simple to implement.’

Key clients

Credit Suisse

UBS

Dufry

Alcon

Deutsche Bank

J.P Morgan

ADC Therapeutics

Bank Julius Bär

Piper Jaffray

Goldman Sachs

Jefferies

Santhera Pharmaceuticals Holding

Firmenich

Sonova

Bobst Group

Wanda Group / Infront

Addex Therapeutics

Nice & Green

St.Galler Kantonalbank

Work highlights

  • Advised Dufry on combined share and convertible bonds placement totalling CHF500m.
  • Advised Meyer Burger Technology on a rights offering in combination with a PIPE transaction to finance the implementation of its strategic transformation.
  • Advised Credit Suisse on the first-ever prospectus complying with the New Swiss Prospectus Regime.

Lenz & Staehelin

Lenz & Staehelin has a highly regarded, comprehensive capital markets practice. On the equity side, it advises issuers on the offering of bonds, convertibles and loan participation notes, among others, as well as assisting with exchange and tender offers, and derivatives. Its impressive client portfolio includes large Swiss and foreign banks, investors and companies. The Geneva practice is headed by Jacques Iffland, who has longstanding experience in capital markets and securities regulations issues. In Zurich, the team is led by transaction specialist Hans-Jakob Diem and stock exchange expert Patrick SchleifferMarcel Tranchet and Geneva-based François Rayroux, who is noted for structured products and derivatives, are other key names.

Practice head(s):

Jacques Iffland; Patrick Schleiffer; Hans-Jakob Diem

Other key lawyers:

Marcel Tranchet; François Rayroux; Patrick Schärli

Testimonials

‘L&S stands out for its expertise and leading role in Switzerland. It is highly specialised.’

‘Patrick Schleiffer and his team provide high standard advice regarding capital market instruments. Very much on the point, efficient and clear.’

‘Excellent know-how, very professional, never had the feeling that they are “just” a legal advisor, felt more like they are part of our company.’

‘L&S is politically involved and spends a lot of time on non-billable work with regulators and official bodies. The members help shape the laws on regulatory issues for capital markets and asset management, and have an excellent reputation with the authorities due to their seriousness and consistent approach. If there are questions or issues with the regulators, they are very reliable partners, both for clients as well as for the regulators. This allows them to always be at the forefront of legal developments.’

‘Often we let the team work very independently and give them a lot of authority, because there is a high level of trust and we know that they always act in the interest of our company first before they consider their own benefit.’

‘The team has a collaborative approach and takes the time to understand the clients’ businesses and the mechanics of any proposed product innovation etc. It gives commercial advice and provides suggestions.’

‘We have been very impressed by the Geneva team members. To highlight a few things, I would say their willingness and ability to get to grips with a new asset class, their understanding of our business and how we operate and their ability to guide us in a jurisdiction where we are slightly less familiar and giving us the tools to understand the regulatory framework.’

‘Very sophisticated in capital markets transactions. Pragmatic approach, excellent cooperation, very reliable and good quality of entire staff. Goal-oriented and to the point. Excellent know-how with regard to takeover bids. Strong in the French speaking part of Switzerland as well.’

Key clients

Banorte – Banco Mercantil de Norte S.A., Mexico

Bundesverband Deutscher Banken (BBV)

Clariant

Compagnie Financière Richemont

Credit Suisse, UBS

Desmarais and Frère families, Pargesa Holding SA (Pargesa) and Groupe Bruxelles Lambert (GBL)

Geberit AG

International Swaps and Derivatives Association (ISDA)

KKR

LafargeHolcim

Morgan Stanley, BofA Securities and Cowen Inc

National Australia Bank NAB

ObsEva SA

Sika

SoftwareONE

Stadler Rail

VTG Aktiengesellschaft

Work highlights

  • Advised, as Swiss counsel, Morgan Stanley, BofA Securities and Cowen Inc. as joint book-running managers on the IPO of Switzerland-based ADC Therapeutics SA on the New York Stock Exchange.
  • Acted as lead counsel for SoftwareONE on its IPO with a listing on the SIX Swiss Exchange.
  • Advised Credit Suisse as lead manager on the rights offering of Cassiopea with a listing on the SIX Swiss Exchange.

Niederer Kraft Frey AG

Niederer Kraft Frey AG has developed a strong reputation in the capital markets space, and is consistently involved in high-value IPOs, Swiss domestic securisation transactions as well as those on an international level, and rights offerings. Its impressive client roster includes KKR, Morgan Stanley and Glencore. The team is also regularly involved in regulatory matters and in developing capital markets products. Philippe Weber has longstanding expertise in equity and debt transactions and Philipp Haas is an established key contact for listed companies. The practice is led by François Bianchi, and it also includes dedicated specialists Daniel BonoThomas BrönnimannTill Spillmann and counsel Christina Del Vecchio.

Practice head(s):

François Bianchi

Other key lawyers:

Marco Häusermann; Christina Del Vecchio; Daniel Bono; Till Spillmann; Philippe Weber; Philipp Haas; Thomas Brönnimann

Key clients

Credit Suisse

UBS

Zurich Cantonal Bank

Glencore

Leonteq AG

Medacta Group SA

KKR

EQT

Partners Group

Selecta

SFS Group AG

Stadler Rail AG

Swiss Confederation

VFS Group

Idorsia Ltd.

Silverlake Partners

Global Blue Group

Work highlights

  • Advised Medacta Group SA on its initial public offering.
  • Advised Global Blue from the initial stages of the transaction and devised a complex corporate structure required to merge Global Blue with Far Point in combination with the investment by Alibaba into Global Blue.
  • Advised Stadler Rail on its initial public offering.

Walder Wyss Ltd.

The practitioners at Walder Wyss Ltd. are noted for their proficiency in the full range of capital markets matters. The team has considerable knowledge of securitisation transactions, mortgage loan programmes, IPOs and regulatory topics and the group's client portfolio includes Swiss and foreign companies and banks. Theodor Härtsch, who heads the practice, has extensive experience in rights issues and public M&A. Lukas Wyss adds banking and finance expertise to the team, and Urs Schenker covers public takeovers. Other key names are Johannes BürgiAlexander Nikitine and Ramona Wyss.

Practice head(s):

Theodor Härtsch

Other key lawyers:

Lukas Wyss; Urs Schenker; Johannes Bürgi; Alexander Nikitine; Ramona Wyss; Urs Gnos

Testimonials

‘Excellent co-operation and track record in mid and small caps; experienced in capital markets transactions and extremely reliable; highly committed, outstanding support and pleasant to work with.’

‘The team is strong on capital markets advisory and in particular the various obligations relating to listed companies, including ad hoc notification and management transaction disclosures.’

‘Theodor Härtsch provides well thought-through, solution-oriented advice within a short turnaround time.’

‘Very knowledgeable and up-to-date. Solution-oriented. Client-oriented.’

‘Smart, highly skilled, experienced and pragmatic team.’

‘Its know-how and fast response times are important for in-house lawyers. Because the team knows the client’s structure well, its advice includes options for business-oriented solutions.’

Key clients

Valiant Bank AG

AMAG Leasing AG

Cembra Money Bank AG

Swisscard AECS GmbH

Goldman Sachs International Bank, London

Swiss Life Holding Ltd

Migros Bank AG

Aluflexpack AG

Helvetica Property Investors AG

CRISPR

SF Urban Properties AG

Oriflame Holding AG

Work highlights

  • Advising Valiant Bank AG on the structuring of its CHF5bn covered bond programme and the issuance of the first, second and third issuance under the programme.
  • Assisted Cembra Money Bank AG with closing two Swiss auto lease securitization transactions.
  • Advised Goldman Sachs International Bank on a structuring of a residential mortgage-backed securities programme addressing the Swiss market.

Advestra

Advestra is a business law boutique founded in January 2021 by former Bär & Karrer Ltd. practitioners Thomas ReutterRoland Truffer and Daniel Raun. It handles equity and debt capital markets as well as securities law. Annette WeberSandro Fehlmann and Alexander von Jeinsen are other key names.

Bär & Karrer Ltd.

Bär & Karrer Ltd. is a popular choice for large Swiss and international companies and institutions, in particular from the life sciences, real estate and banking sectors. Transaction specialist Ralph Malacrida heads the practice, which includes Urs Kägi, who is a key contact for listed companies, finance expert Lukas Roesler and the experienced Rolf WatterThomas ReutterRoland Truffer, Daniel Raun and Annette Weber left the firm in January 2021.

Practice head(s):

Ralph Malacrida; Urs Kägi; Lukas Roesler

Other key lawyers:

Rolf Watter

Testimonials

‘Very experienced capital markets team that collaborates really well, both internally as well as with clients.’

Key clients

Novartis

UBS

Swiss Re

Credit Suisse

Implenia

Saint-Gobain

Merrill Lynch International

Valyo AG

Jacobs Holding

Lindt & Sprüngli

Temasek

Chubb

Cembra Money Bank

HSBC

SIG Combibloc

Goldman Sachs

Republic and Canton of Geneva

Banque Cantonale de Genève

Work highlights

  • Advised Implenia on the partial spin-off of Ina Invest Holding AG and the subsequent listing of the shares of Ina Invest Holding on the SIX Swiss Exchange.
  • Advised SIG Combibloc on issuing €1bn senior unsecured notes.
  • Advised Valyo on an innovative platform for the issuance of listed bonds to institutional investors, being the first platform to which bonds were issued completely digitally in the Swiss market.

Baker McKenzie

Baker McKenzie has a well-established practice for equity capital markets, where the team has experience in IPOs and in the issuance of new shares. The group has also noted an uptick to assist with debt and straight bonds as well as public M&A mandates. The team's close collaboration with the firm's international network adds additional value. The group is led by Matthias Courvoisier, who is also active in capital markets disputes. Ansgar Schott as well as associates Philip Spoerlé and Yves Mauchle are other key practitioners.

Practice head(s):

Matthias Courvoisier

Other key lawyers:

Ansgar Schott; Philip Spoerlé; Yves Mauchle

Testimonials

‘Reliable, can-do attitude, cooperative and extremely solution-oriented.’

‘Matthias Courvoisier one of the best capital markets lawyer I have ever worked with.’

Key clients

UBS AG / UBS Investment Bank

Joh. Berenberg Gossler & Co. KG

Alfa Bank

Varia US Properties AG

Bausch Health Corporation

Swiss Finance & Property Investment AG

Zug Estates Group

Bank am Bellevue AG

Arbonia AG

Canton of Geneva

Conzetta AG

Schmolz+Bickenbach AG

Basilea Pharmaceutica AG

Fundamenta Real Estate AG

Cosmo Pharmaceuticals S.p.A.

Zürcher Kantonalbank

Investis Holding SA

Zur Rose Group AG

Cosmo Pharmaceuticals N.V.

Cassiopea S.p.A.

Highbridge Capital Management LLC

Georg Fischer AG

Achiko AG

PSP Swiss Property AG

Lalique Group SA

Feintool International Holding AG

Work highlights

  • Advised Zur Rose Group AG on the issue of a CHF175m convertible bond.
  • Advised Schmolz+Bickenbach on its recapitalisation through a CHF325m equity capital raise.
  • Advised Lalique Group SA on the issue and listing of 1.2 million registered shares, leading to gross proceeds of CHF48m.

Kellerhals Carrard

Kellerhals Carrard is regularly instructed by asset managers and investors to advise on listed financial products. The team is particularly active for national and international companies and banks, for which it also handles capital market transactions in the mid-market. Beat Brechbuehl in Bern has experience of equity offerings and IPOs, while Dominik Oberholzer specialises in financial products. Edgar Philippin and Jean-Luc Chenaux are the key practitioners in Lausanne.

Practice head(s):

Beat Brechbühl; Dominik Oberholzer

Other key lawyers:

Edgar Philippin; Jean-Luc Chenaux

Key clients

Daetwyler Holding AG

EOS Holding SA

UBS AG

Franklin Templeton Group

Deutsche Bank / DWS

BKW Energie AG

Aventron Ltd

Work highlights

  • Advised Daetwyler group in the issuance of a CHF150m bond under Swiss law and listing on SIX Swiss Exchange.
  • Advised Alpiq Holding AG / EOS Holding SA on  EDF’s acquisition of shares in Alpiq Holding SA for CHF489m.
  • Representing Franklin Templeton Group in the set-up and registration / listing of a new range of exchange traded funds for Switzerland.

Meyerlustenberger Lachenal Ltd

Meyerlustenberger Lachenal Ltd's team has a good standing with clients from the financial services, real estate, industrial manufacturing and technology sector. Its offering covers a wide spectrum of capital markets matters, including IPOs, private placements, and rights, exchange and debt offerings, which often have a cross-border angle. The practice is jointly led by Wolfgang MüllerChristoph Heiz and Andrea Sieber.

Practice head(s):

Wolfgang Müller; Christoph Heiz; Andrea Sieber

Other key lawyers:

Daniel Schoch

Testimonials

‘Thorough work, good methodology, outstanding client commitment’

‘Andreas Sieber and Daniel Schoch have outstanding client commitment and are very results oriented.’

‘Highly experienced, solution-oriented and efficient team, which understands the needs and trends of the client’s industry. The team is prepared to stand by its advice and works in a dedicated manner for a successful outcome. Available and accessible at all times. Provides legal advice that takes commercial and economic aspects into consideration. Good value for money in comparison to other firms.

‘Andrea Sieber: she is highly experienced, efficient, solution and client oriented and understands the industry. She achieves the results the client is looking for, in a calm, non-aggressive and pragmatic way.’

‘The collaboration with Wolfgang Müller is excellent – he has proven time and time again that he is a highly competent and trustworthy counsel. He is extremely dedicated and extremely detail-oriented, which is a major asset in capital markets transactions. A noteworthy skill of Wolfgang is his ability to meet the needs of different stakeholders.’

‘Accurate; excellent co-operation and track record for small and mid caps; extremely experienced in capital markets transaction; reliable and goal-oriented. The team has a good relationship with tax authorities and is highly committed.’

Key clients

Allreal Holding AG

Meyer Burger Technology AG

poenina holding ag

TDK Corporation

Calida Holding AG

Work highlights

  • Advised Poenina on the acquisition of Caleira AG by way of a merger according to the Swiss Merger Act and the listing of its newly issued shares on SIX Swiss Exchange.
  • Acted as special legal counsel to the management of Meyer Burger and assisted Meyer Burger in the preparation of the rights offering and PIPE transaction aiming at financing the transformation of Meyer Burger into a manufacturer of solar photovoltaic cells and modules.
  • Advised Allreal on the issue of a 2019 bond offering in the amount of CHF200m and the listing of the bonds on SIX Swiss Exchange.

Pestalozzi

The capital markets practice at Pestalozzi is active in an impressive range of matters, including IPOs, debt and bridge financings, equity derivatives, and stock exchange listings. A particular area of expertise is acting for a variety of clients in high yield bond issues. Active clients include entities of the calibre of Swisscom, Credit Suisse and Goldman Sachs. The practice co-heads are bonds-expert Oliver Widmer and structured products advisor Urs KloetiSeverin Roelli knows the SIX listing regulations and stock exchange law well, while Beat Schwarz focuses on debt capital markets. Christian Leuenberger is a key contact in raising capital. Ludivine Boisard is an integral team member in Geneva.

Practice head(s):

Oliver Widmer; Urs Kloeti

Other key lawyers:

Severin Roelli; Beat Schwarz; Christian Leuenberger; Ludivine Boisard

Testimonials

‘This is a team you can trust as a client.’

Oliver Widmer is client-oriented professional who has a deep understanding of the company’s business, and also works as an excellent manager of the whole process, making it time and cost efficient. He is a great expert in Swiss law providing timely advice even to urgent and complicated queries of the client.’

 

Key clients

AIG

Bank of America Merrill Lynch

Barry Callebaut

Blackstone Group

BX Swiss

China Resources Capital Management Limited

Coca Cola

Credit Agricole

Credit Suisse

HSBC

Novartis

Schlumberger Ltd.

Swisscom

VTB

Work highlights

  • Advised Swisscom on one of the first Swiss green/sustainable bond issues.
  • Advised Coca Cola Hellenic Bottling, the Swiss EMEA company of Coca Cola on the bond programme in the amount of CHF5bn and several issuances under such programme.
  • Advised Instimatch in setting up a new platform to issue corporate bonds.

Schellenberg Wittmer Ltd

Schellenberg Wittmer Ltd impresses with its deep knowledge in the debt capital markets space, where it advises on OTC derivatives and the issuance of structured products, as well as assisting clients with share offerings, listing of securities and general stock market regulation. The team is a popular choice for clients from the financial services, energy, engineering, IT, life sciences and real estate sectors. Philippe Borens is a key practitioner for various financial transactions; he jointly leads the team with Geneva-based Tarek HoudrougeMartin Lanz is knowledgeable in IPOs. He, Borens and Olivier Favre are all authorised representatives at the SIX Swiss Exchange. Christoph Vonlanthen is able to draw on previous experience working in New York and London.

Practice head(s):

Philippe Borens; Tarek Houdrouge

Other key lawyers:

Martin Lanz; Olivier Favre; Pascal Hubli; Christophe Vonlanthen

Testimonials

‘Schellenberg Wittmer manages to translate complex legal issues in a short period into a language easily understandable for non-legal professionals.’

‘The team not only has an excellent knowledge and experience in terms of the law, but also considers – due to its deep knowledge and understanding of its clients and the markets it is active in – client needs beyond pure legal matters. This has proven to be extremely helpful and important.’

‘The absolute “Can-Do mentality” of SW-Legal is a USP worth mentioning. The high accessibility of its partners and associates as well as the aim of always finding the “best” solution to the respective legal issue for the client makes SW-Legal the partner of choice for us. We rate the relationship with SW-Legal a partnership based on a deep trust and common understanding.’

‘Martin Lanz’s advice is always competent and meets the highest standards. He knows the client’s company and requirements exactly and is always available  with help and advice.’

Key clients

BNP Paribas

Bank Reichmuth

AXA Life Ltd

Crédit Agricole Corporate and Investment Bank

Corvex

ams AG

Bank Vontobel

Raiffeisen Switzerland Cooperative, St. Gallen

Spice Private Equity Ltd

Deutsche Bank

Zurich Kantonalbank, Zurich

Credit Suisse AG

UBS AG

Rapid Nutrition PLC

InRoll AG

Futures Industry Association (FIA)

Swiss Bankers Association (SBA)

China Construction Bank

International Swaps and Derivatives Association, Inc. (ISDA)

Standard Chartered

Helvetische Bank AG

Bauwerk Boen AG

Reuss Private Group AG

Alpiq AG

Banque Cramer & Cie SA

Mirabaud Asset Management

REYL & Cie SA

PIERER Mobility AG, Austria

Technogroup IT Services AG

Work highlights

  • Acted as Swiss counsel to ams on its all-cash takeover offer for all shares in DAX-listed Osram Licht, with the financing of the transaction secured through an acquisition bridge facility by HSBC and UBS, to be refinanced through a combination of equity and debt issuances.
  • Advised Panalpina Welttransport (Holding) AG and its board of directors on the CHF5.1bn public exchange offer launched by Danish DSV A/S.
  • Acted as Swiss counsel to BNP Paribas, Credit Suisse and UBS in their capacity as joint lead managers on a CHF400m bond issue by the Republic of Argentina.

VISCHER

The VISCHER team has a notable sweet spot in public takeovers and proxy solicitations but also assists issuers and underwriters with the listing of securities at the SIX Swiss Exchange. The group is sought after by clients from the life sciences and pharmaceutical sectors in particular, but also acts for banks, securities dealers, insurance companies, hedge funds, and asset managers. Adrian Dörig leads the team, which also includes key practitioners Markus GuggenbühlJana Essebier and counsel Peter Kühn.

Practice head(s):

Adrian Dörig

Other key lawyers:

Robert Bernet; Matthias Staehelin; Markus Guggenbühl; Jana Essebier; Peter Kühn

Key clients

Julius Baer

PricewaterhouseCoopers AG

Elliott Advisors (UK) Limited

Goldman Sachs

Credit Suisse

OC Oerlikon Corporation AG

UBS

Kuros Biosciences AG

Helvetia

Baloise

Medartis Holding AG

Cantonal Bank of Basel

Lundbeck A/S, Valby DK

Bachem AG

Polyphor AG

Work highlights

  • Assisted Elliott Advisors as Swiss legal advisers in various matters with a Swiss connection.
  • Advised EBL on the public tender offer for the Alpiq free float shareholders and related matters.
  • Advised Kuros on a rights offering and share placement from ordinary and authorised share capital.

GHR Rechtsanwälte

GHR Rechtsanwälte is active for financial institutions, fund managers, and securities dealers. The team is involved in debt financing, securities offerings, syndicated, structured and collateralised lending transactions and acts on the borrower and lender side. Practice head Marc Grüninger, Bruno Hunziker and Markus Brülhart are the key contacts.

Practice head(s):

Marc Grüninger

Other key lawyers:

Bruno Hunziker; Markus Brülhart

Prager Dreifuss AG

The team at Prager Dreifuss AG is instructed by companies, banks and financial service providers on a variety of matters. The group advises on IPOs, stock exchange law, public and private placements, and initial coin offerings. Practice head Urs Bertschinger also has experience in financial market regulation. Andreas Moll and Michael Mosimann are other key practitioners.

Practice head(s):

Urs Bertschinger

Other key lawyers:

Andreas Moll; Michael Mosimann

Wenger & Vieli LTD

The team at Wenger & Vieli LTD covers a wide range of equity capital markets matters but is also active in the debt space. It has established itself as a go-to counsel for cryptocurrencies and blockchain companies looking to enter the capital markets, and also advises national and international companies and private equity funds. Wolfgang Zürcher in Zug is the head of the practice and the key contact.

Practice head(s):

Wolfgang Zürcher

Other key lawyers:

Beat Speck

Key clients

Burckhardt Compression Holding AG

Alegra Capital AG

Züblin Immobilien Holding AG

Xwiss AG

PG3

Alegra Capital AG

Sygnum Bank AG

RFR Management AG

Crypto Valley Zug

Work highlights

  • Assisted Xwiss AG with the set up of the structure for a fully regulated crypto exchange.
  • Advised Burckhardt Compression AG on various matters regarding stock exchange regulations, public takeovers and ad hoc publicity.
  • Advised RFR Management GmbH on its acquisition of a real estate property and tokenisation of such assets in line with Swiss and international capital markets regulations.