Capital markets in Switzerland
Bär & Karrer Ltd. is an established player in the capital markets space, where it regularly assists clients with IPOs, transactions as well as the issuance of bonds and notes. Instructions often come from the banking, insurance and healthcare and life sciences sectors, among others. Practice head Thomas Reutter is a key contact for listed companies, while Ralph Malacrida is also active in the space. Rolf Watter, Roland Truffer and Daniel Raun, who recently made partner, are also recommended. Sandro Fehlmann, Annette Weber and Alexander von Jeinsen are names to note at associate level.
‘Among the most visible and experienced capital markets firms in Switzerland with strong deal flow in all relevant products. Efficient team set-up with strong partners and associates that guarantee quick response times on live deals.‘
‘Bär & Karrer has very deep insights and experience with Swiss public market transactions. It is always prepared and provided well thought-through advice on important decision.’
‘Thomas Reutter is one of the most experienced, competent and commercial capital markets and M&A lawyers in Switzerland. Very strong in the legal details while remaining pragmatic and deal oriented. He is always clear and straight in his advice.’
‘Roland Truffer possesses excellent legal skills, is very diligent but at the same time pragmatic and to the point.’
‘The very pragmatic Daniel Raun does not miss a detail even when stretched across multiple deals all running at a different speed.’
‘Alexander von Jeinsen is able to drive the deal on the legal side. He is technically strong and at the same time an outstanding project manager and communicator. You’d want him on your team for an IPO in Switzerland.’
‘Annette Weber is an up and coming senior associate, who works extremely hard and very efficient, and has good legal expertise.’
‘Sandro Fehlmann not only impresses with his legal skills but also by being helpful on many other matters, be it financial, administrative or PR-related.’
SIG Combibloc Group
Bank of America /Merrill Lynch
Goldman Sachs & Co. LLC
Swiss Prime Site
- Assisted Cembra Money Bank with the financing of the acquisition of cashgate through convertible bonds.
- Advised Novartis on its spin off of Alcon, its eye care division, into a separately traded, standalone company.
- Assisted Swiss Re with the offering of €750m guaranteed subordinated fixed-rate reset step-up callable notes.
The capital markets team at Homburger is led by Frank Gerhard and Benedikt Maurenbrecher; it has a strong track record in ECM and DCM work, where it is equally active for issuers and underwriters. René Bösch is an expert in the structuring of equity-linked and regulatory capital instruments and debt capital market transactions. Daniel Daeniker is a key contact for issuers in IPOs and equity offerings. Other prominent practitioners are Stefan Kramer, Benjamin Leisinger and counsel Lee Saladino. Senior associate Daniel Häusermann and associate Lorenzo Togni are also noted.
Frank Gerhard; Benedikt Maurenbrecher
‘This is a dedicated and highly professional team. Each lawyer is highly motivated and delivery is flawless – In the debt capital market and in particular regarding regulatory capital instruments, the team is unmatched in Switzerland. Attention for detail as well as a sense for client-minded pragmatic solutions.’
‘Frank Gerhard is undoubtedly one of the most outstanding Swiss M&A and capital market lawyers. He really takes care of client’s need and has outstanding knowledge of their business and the specific needs.‘
‘Benjamin Leisinger embodies all the values which make the team outstanding: dedication, professionalism, attention to detail, pragmatism. He is a quick thinker, hard-driving worker and has a no-fuss-attitude which sits well with clients, who expect clear messages, expectation management and exceptional results.’
‘Lorenzo Togni is on paper an associate but acting like a partner. He is an internationally trained capital markets lawyer which you can tell from his commercial judgement, deal experience and outstanding English drafting skills.‘
Bank of America Merrill Lynch International
Goldman Sachs International
Morgan Stanley & Co. International
Dufry | Dufry International
Helvetia Swiss Insurance Company
Julius Baer Group
Zur Rose Group
- Assisted Credit Suisse with the CHF2.1bn IPO of Medacta Group on SIX Swiss Exchange.
- Advised Nestlé on the issuance of $8bn notes through an institutional offering in the US.
- Acted for Liberty Global on Sunrise’s CHF4.1bn rights offering to finance the acquisition of UPC Switzerland.
Lenz & Staehelin's capital markets team impresses with its strong expertise in equity transactions, offerings of bonds, loan participation notes, mortgage-backed transactions, and convertibles, among others. It is experienced in acting for national as well as international clients and is often involved in cross-border work. Capital markets expert Jacques Iffland heads up the Geneva practice, where François Rayroux is a key contact on derivatives and structured products. Patrick Schleiffer is well versed in capital markets, stock exchange and securities law, among others. He leads the team in Zurich together with Hans-Jakob Diem, who is noted for his knowledge in capital market transactions.
Jacques Iffland; Patrick Schleiffer; Hans Jakob Diem
‘LS has, due to its expertise, a leading role in Switzerland. The team is politically involved and spends a lot of time on non-billable work with regulators and official bodies. It is highly specialised and committed.‘
‘François Rayroux is a senior and experienced lawyer as well as an outstanding personality.’
‘Patrick Schleiffer is reliable and it is always an excellent cooperation with him.’
AEVIS HOLDING SA
Edmond de Rothschild
Crédit Agricole Financements (Suisse) SA
Deutsche Bank AG
International Swaps and Derivatives Association (ISDA)
Pargesa Holding SA
Sunrise Communications Group
- Advised Sika on guaranteeing an issuance of $1bn dual-tranche bonds.
- Assisted a banking syndicate, with Credit Suisse and UBS as joint global coordinators and joint bookrunners, on the IPO of Stadler Rail.
- Advised Sunrise on the rights offering to finance the acquisition of UPC Switzerland.
Niederer Kraft Frey AG fields a team of experienced lawyers, who are regularly instructed by national and foreign clients. It is particularly known for its IPO practice, but also acts on securitisation and quarterbacking transactions, rights offerings and private equity placements, as well as on debt and hybrid capital markets transactions. Philippe Weber leads the group and is a reputed expert in equity and debt security transactions. Daniel Bono, Christoph Balsiger, Till Spillmann, Thomas Brönnimann and Philipp Haas handles a broad spread of work. François Bianchi has considerable knowledge of listing and enforcement proceedings before the SIX Swiss Exchange, while Marco Häusermann is a key contact for debt capital markets transactions. Other names to note are counsel Christina Del Vecchio and senior associate Deirdre Ní Annracháin.
‘NKF has one of the most experienced IPO franchises in Switzerland, which adds value with its early engagement and proactive approach. The team has superb understanding of client’s needs and delivers highly professional service on all levels.’
‘Philippe Weber is an extremely experienced partner advising on the most challenging technical and tactical matters. He also has a high responsiveness.’
‘The very dynamic and customer focussed Till Spillmann delivers highly efficient interaction at all times.‘
‘Christina DelVecchio is a key person in a successful prospectus drafting due to vast experience. She is highly efficient in the negotiation of legal agreements.’
‘Deirdre Ní Annracháin is a key team member and has a very high level of responsiveness at all times.‘
Stadler Rail AG
Medacta Group SA
VAT Group AG
EFG / EFG International
Newron Pharmaceuticals SpA
- Acted as lead counsel on Stadler Rail’s IPO on the SIX Swiss Exchange with a multibillion-Swiss franc market capitalisation.
- Counselled the underwriting syndicate comprised of Deutsche Bank, UBS and Morgan Stanley & Co. International in the fully underwritten rights offering of Sunrise Communications Group in connection with acquisition financing.
- Assisted the arrangers with the financing for the CHF10.2bn acquisition of Nestlé Skin Health by EQT and Abu Dhabi Investment Authority.
The capital markets practice at Walder Wyss Switzerland Global has a particularly strong track record in securitisation transactions. The team is also regularly instructed in IPOs and advises on regulatory matters as well as prospectuses and applications. Theodor Härtsch has extensive experience in the financing of public takeovers, while Alex Nikitine knows IPOs, secondary offerings and convertible bonds well; they jointly lead the capital markets team. Johannes Bürgi is well versed in the debt as well as equity space. Markus Pfenninger is active in regulatory capital transactions. Urs Gnos is the head of the transactions team and is also noted alongside Lukas Wyss.
Theodor Härtsch; Alex Nikitine
‘The team is very responsive and pleasant to work with. It provides to-the-point advice and acts transparently.‘
‘Walder Wyss has a cooperative, goal-oriented, fast and overall excellent CM team, of which Alexander Nikitine and Urs Gnos are to be highlighted.‘
‘Theo Härtsch is readily accessible and goes out of his way to bring transactions over the finishing line without surprises.’
Swisscard AECS GmbH
AMAG Leasing AG
Cembra Money Bank AG
iQ International AG
Swiss Life Holding Ltd.
Swiss Finance & Property Investments Ltd (SF Urban Properties)
Baloise Holding Ltd
Aluflexpack Holding Ltd.
DDM Holding AG
- Advised Cembra Money Bank as originator on its CHF250m auto lease ABS transaction.
- Acted for Valiant Bank on the structuring of its CHF5bn covered-bond programme.
- Acted for Swisscard AECS on its 2019 credit card ABS securitisation transaction.
Baker McKenzie works closely with its network, particularly with its US offices. The team is experienced in IPOs, the issuance of new shares and is increasingly more active in debt and straight bonds. Matthias Courvoisier has a comprehensive practice in the space; he acts in contentious capital markets matters, among others. He leads the team together with Marcel Giger, who specialises in capital markets transactions and securities. Ansgar Schott also advises on regulatory aspects. Associate Yves Mauchle and Philip Spoerlé are other names to note.
Matthias Courvoisier; Marcel Giger
‘The team is highly responsive, hands-on and possesses broad market experience. It clearly benefits from their regular engagement in Swiss capital markets transactions and has a deep understanding of market practice.’
‘BM is well-structured with very professional project management, highly reliable also under time pressure, and it has a good understanding of the needs of the management and the business.’
‘Matthias Courvoisier has a very pragmatic and solution-driven approach. His broad market expertise, knowledge of the law and responsiveness are a clear contributor to the success of transactions.‘
‘Marcel Giger is very reliable, supportive and has an excellent track record.’
‘Philip Spoerlé impresses with pragmatism and strong negotiation power.‘
‘Yves Mauchle is very competent, knowledgeable and easy to work with.‘
UBS AG / UBS Investment Bank
Varia US Properties
Swiss Finance & Property
Investment AG No
Zug Estates Group
Bank am Bellevue AG
Canton of Geneva
Schmolz + Bickenbach AG
Basilea Pharmaceutica AG
Fundamenta Real Estate AG
Cosmo Pharmaceuticals S.p.A.
Investis Holding SA
ACRON Swiss Premium Assets
Feintool International Holding AG
Autoneum Holding AG
- Acted as transaction counsel on Fundamenta Real Estate AG’s move from BX Swiss to the SIX Swiss Exchange.
- Acted for Feintool International Holding on its placement of several thousand new shares sourced from existing authorised capital.
- Advised UBS and Morgan Stanley as joint bookrunners on a CHF200m capital increase and listing of new shares on the SIX Swiss Exchange of Zur Rose Group.
Kellerhals Carrard covers a wide spectrum of capital markets matters and acts for companies and financial institutions as well as for SMEs and start-ups. The team is particularly active in assisting with listed financial products and has considerable experience in blockchain. Bern-based managing partner Beat Brechbuehl is the key contact for transactions, while Dominik Oberholzer specialises in financial products and debt offerings. Lausanne-based Jean-Luc Chenaux and Edgar Philippin, as well as Lars Schlichting in Lugano are also recommended.
Beat Brechbuehl; Dominik Oberholzer
‘Kellerhals Carrard is an outstanding pan-Swiss law firm. The level of preparation is always outstanding and the prerequisite for the successful and particularly smooth and efficient execution of an IPO.’
‘The team has excellent connections in the industry and is always contactable.’
‘Beat Brechbuehl’s commercial sense, legal acumen, clear judgement, drive and winning personality are an outstanding combination that is highly valued by his client.’
‘Dominik Oberholzer is extremely professional and friendly; he has a pragmatic approach and is easily accessible.’
Daetwyler Holding AG
EOS Holding SA
Franklin Templeton Group
BKW Energie AG
Parkingo International SA
- Advised Daetwyler on the issuance of a CHF150m bond.
- Acted for EOS Holding on the acquisition of EDF’s shares in Alpiq Holding and the subsequent reorganisation of the shareholding structure.
- Acted for UBS on the registration and listing of all UBS exchange traded funds from Ireland, Luxembourg and Switzerland on SIX Swiss Exchange.
Meyerlustenberger Lachenal Ltd has a good track record in various capital market transactions but also advises on corporate governance and regulatory aspects as well as on investment funds and structured products. It has a substantial client base drawn from the financial services, real estate, industrial manufacturing and technology sectors. Group head Christoph Heiz is well versed assisting with debt as well as equity transactions. Wolfgang Müller is another key contact. Andrea Sieber and Daniel Schoch are also names to note.
‘The team can be described as extremely supportive, experienced and goal-oriented.‘
‘Wolfgang Müller works with a pragmatic approach and is very reliable.’
Allreal Holding AG
Ayondo Holding AG
Calida Holding AG
Meyer Burger Technology AG
Norges Statsbaner AS
poenina holding AG
Quino Group Holding AG
Spital Männedorf AG
- Assisted Allreal with the issuing and listing of bond offerings on the SIX Swiss Exchange.
- Acted for Poenina on the acquisition of Inretis and the financing of the transaction, which was partly by rights offering.
- Advised Meyer Burger on the capital increase and listing of shares in connection with the cooperation with Oxford Photovoltaics.
Pestalozzi is instructed by national and international companies and financial institutions in a variety of capital markets matters but is particularly well versed in bond issues, securitisations and notes issues. Oliver Widmer has expertise in notes issuances, IPOs and ICOs, exchange traded products and derivatives, among others. Managing partner Urs Kloeti is able to assist with regulation matters and Finma investigations. Beat Schwarz specialises in debt capital markets, while Christian Leuenberger is a key name for public and private M&A transactions. Franz Schubiger and Severin Roelli are also recommended. Sébastien Roy and Ludivine Boisard are the key contacts in Geneva.
Oliver Widmer; Urs Kloeti
‘Pestalozzi is an established law firm in Switzerland, with outstanding quality level and hard-working teams.’
‘Oliver Widmer is a passionate lawyer, with outstanding technical as well as negotiation skills, and excellent response times.‘
‘Ludivine Boisard and Sébastien Roy are clearly knowledgeable and great people to deal with.’
A.G.P./Alliance Global Partners
Bank of America Merrill Lynch
Ladenburg Thalmann & Co. Inc.
Mitsubishi UFJ Financial Group
Panalpina Welttransport (Holding) AG
Greenhill & Co.
ICBC Standard Bank
BMO Capital Markets
Apollo Global Management
- Assisted the Swiss Coca-Cola entity with its new $5bn euro medium-term note programme.
- Advised the initial purchasers, Credit Suisse, BNP, Goldman Sachs, J.P. Morgan, Natixis and Société Générale, on the notes offering by the Salt group in order to refinance existing debt.
- Acted for Cott Beverages on the relocation of its group finance company from Luxembourg to Switzerland and on bond issues.
The team at Schellenberg Wittmer Ltd has a strong track record in debt capital market transactions; it is also active in asset management, derivatives, and regulatory matters. Companies and institutions from the financial services, industrial, engineering, IT, life sciences and real estate sectors are on the client roster. Practice head Philippe Borens has longstanding experience in equity and debt capital markets. Martin Lanz is an expert in various financial products and Olivier Favre is a key name for derivatives and structured finance. Tarek Houdrouge is the key practitioner in Geneva.
‘The team is cooperative and pleasant to work with. It has a relevant track record and a pragmatic approach.’
‘Martin Lanz is fast, supportive and goal-oriented.’
AXA Life Ltd
Crédit Agricole Corporate and Investment Bank, Paris
Raiffeisen Switzerland Cooperative, St. Gallen
Spice Private Equity Ltd
Credit Suisse AG
Rapid Nutrition PLC
Futures Industry Association (FIA)
Swiss Bankers Association (SBA)
China Construction Bank
Helvetische Bank AG
Bauwerk Boen AG
Reuss Private Group AG
Banque Cramer & Cie SA
Mirabaud Asset Management
- Acted as transaction counsel for the lead manager Helvetische Bank on an CHF25m bond issue.
- Assisted ams AG with the placement of $350m and €600m convertible bonds.
- Advised the joint lead managers, Deutsche Bank, HSBC and RB, on the issuance of bonds by Novartis.
VISCHER advises on a broad spectrum of capital market matters, including IPOs (where it is particularly active in the life sciences industry), bond issues and regulatory matters. The client portfolio is similarly diverse with national and foreign banks, hedge funds, and companies, among others, instructing the team. Team leader Markus Guggenbühl focuses on debt financing, capital market transactions and public takeovers, while Jana Essebier is well versed in structured products and other financial instruments. Basel-based Matthias Staehelin and Robert Bernet are other key practitioners.
Elliott Advisors (UK) Limited
OC Oerlikon Corporation AG, Pfäffikon
Kuros Biosciences AG
CRISPR Therapeutics AG
Medartis Holding AG
Cantonal Bank of Basel
Lundbeck A/S, Valby, DK
BACHEM HOLDING AG
Warteck Invest AG
AC Immune AG
- Advised the Cantonal Bank of Basel on the public takeover offer for Bank Cler.
- Acted for CRISPR Therapeutics on its $200m public offering of shares.
- Acted for Bachem on its CHF48m capital increase.
GHR Rechtsanwälte's client roster includes financial institutions, fund managers, and securities dealers. It acts on both the lender and borrower side, where it handles debt financing, securities offerings, syndicated, structured and collateralised lending transactions. The team is also active in compliance, regulatory and contractual mandates. Prominent practitioners include practice head Marc Grüninger, Bruno Hunziker and Markus Brülhart.
‘GHR has a great team with outstanding know-how.’
‘The group is extremely knowledgeable, very professional and trustworthy; impeccable attention to detail.’
‘Marc Grüninger: very experienced.‘
CEMEX (NYSE: CX)
Eurasian Resources Group
Goldman Sachs Bank USA
UBS AG, Stamford Branch
Canton of Bern
Swiss Financial Market Supervisory Authority FINMA
- Advised Cemex (NYSE: CX) on the Swiss aspects of its high-yield global debt offering.
Prager Dreifuss AG frequently acts for listed companies, where it advises on IPOs and stock exchange regulations. Other areas of expertise include structuring and transactional advice for issuers. Urs Bertschinger leads the team; he combines his capital markets practice with work in the areas of commercial and corporate law. Andreas Moll, counsel Michael Mosimann and associate Christian Schönfeld are also noted.