Homburger offers the ‘terrific combination of first-class expertise with a hands-on client-focused approach.‘ Led by the experienced Frank Gerhard and Benedikt Maurenbrecher, the group is well versed in the full gamut of capital market transactions, also covering regulatory and tax aspects. The practice scope includes equity transactions such as IPOs, capital increases, block trades, private placements and other corporate finance transactions. Convertible and exchangeable bonds as well as debt capital transactions and hybrid debt instruments are also handled. Dieter Gericke and Daniel Daeniker both counsel on IPOs and private placements. Benjamin Leisinger is noted for being ‘a fast thinker, highly efficient and very responsive‘. René Bösch is a DCM expert. Daniel Häusermann is a ‘sharp counsel gifted with a solid finance background.’
Capital markets in Switzerland
Other key lawyers:
‘Frank Gerhard is outstanding. He very quickly understands clients’ needs and addresses them in a speedy and reliable manner. He is not afraid to come with clear positioning while others would hide behind some legal uncertainties and controversies.’
‘Benjamin Leisinger and David Borer are both very knowledgeable, provide hands-on solutions, very approachable and very responsive.’
‘Dieter Gericke is business-oriented.’
‘Andreas Müller and Daniel Häusermann are strong and sharp counsel gifted with a solid finance background leading to workable solutions and execution.’
‘Terrific combination of first-class expertise with a hands-on client-focused approach. Great to work with, very efficient, 100% reliable. Very high firepower and unique legal and regulatory expertise if needed. Homburger sets the standards and the pace in the Swiss legal environment.’
‘Benjamin Leisinger is my go-to guy for all bank regulatory questions. He is a fast thinker, highly efficient and very responsive.’
‘Stefan Kramer stands out with his great intellect which gives him the edge when it comes to structuring complex debt capital products. He is also a very nice guy and fun to work with.’
‘David Borer is a rising star, a smart lateral thinker with a great personality.’
Raiffeisen Schweiz Genossenschaft
Santhera Pharmaceuticals Holding
Nice & Green
St. Galler Kantonalbank
Bank Julius Bär
- Advised Dufry as international lead counsel on various innovative equity capital markets transactions.
- Advised the underwriters on the CHF2.12bn IPO of PolyPeptide Groupon SIX Swiss Exchange.
- Advised Credit Suisse Group on the placement of CHF1.9bn mandatory convertible notes.
The capital markets practice at Lenz & Staehelin is regularly sought after by Swiss and foreign issuers and banks, ETC and ETF promoters as well as international associations. The offering includes equity offerings such as IPOs, rights offerings, and share buybacks; offerings of bonds, loan participation notes and mortgage-backed transactions. Convertible bonds and exchange offers/tender offers for bonds and notes in Switzerland are also handled. The Geneva office is led by Jacques Iffland while the Zurich team is headed up by Hans-Jakob Diem and Patrick Schleiffer. François Rayroux is another prominent practitioner with longstanding experience.
Bundesverband Deutscher Banken (BBV)
Credit Suisse, UBS
Desmarais and Frère families, Pargesa Holding SA (Pargesa) and Groupe Bruxelles Lambert (GBL)
International Swaps and Derivatives Association (ISDA)
Morgan Stanley, BofA Securities and Cowen
- Advised the underwriters on the cross-border IPO of Swiss-based Sophia Genetics with a listing on Nasdaq.
- Advised Compagnie Financière Richemont SA on the distribution of tradable shareholder warrants, a previously untested way in Switzerland to distribute value to the shareholders and an alternative to the normal ‘scrip dividend’.
- Advised Jefferies LLC on its equity distribution agreement with Transocean.
Niederer Kraft Frey AG has established itself as a strong player on debt, equity and hybrid capital market products. The group has a particular strong track record in IPOs, but also assists with Swiss domestic securitization transactions, issuance of covered bonds, equity capital markets transactions, as well as rights offerings, spin-offs and private equity placements. François Bianchi leads the practice, which also includes DCM and ECM transaction specialist Daniel Bono and Philipp Haas who also covers market conduct rules. Till Spillmann is considered to be ‘an amazing partner‘. Philippe Weber also advises on compliance with securities law and regulations. Andrea Giger was promoted to partner in January 2022. Christina Del Vecchio became a general counsel at PolyPeptide Group in mid-2021.
Other key lawyers:
Till Spillmann; Philippe Weber; Deirdre Ní Annracháin; Andrea Giger; Marco Häusermann; Daniel Bono; Philipp Haas; Thomas Brönnimann
‘Very flexible, accomodating and service-oriented. They will always find a solution for you.’
‘Till Spillmann is an amazing partner, the best I have ever worked with.’
‘Super professional, very diligent, attention to detail, solution-driven.’
‘Availability, responsiveness, expertise, relationships.’
Zurich Cantonal Bank
Julius Baer Group
PolyPeptide Group AG
SFS Group AG
Swiss Confederation (Treasury Division)
VFS Global Ltd / VFS Group
- Advised Global Blue on the merger with Far Point, which consisted of a combination of a Swiss/Continental European company with a US blank check company combined with an IPO at the NYSE.
- Advised PolyPeptide Group AG on its up to CHF848m IPO on SIX.
- Advised Idorsia on the placement of CHF600m in convertible bonds in July 2021 and on the rights offering of CHF535.5m as well as on their private placement of CHF330m in May 2020.
The team at Walder Wyss Ltd. covers a wide range of capital market matters, such as initial public offerings, private investments in public enterprises (PIPEs), and high-yield or mezzanine financings. Convertible bond issues, derivative instruments and new hybrid security or debt restructurings are also handled. In close collaboration across practice groups, the members regularly act for national and international issuers, syndicate banks, and shareholders. Practice head Theodor Härtsch is further well versed in corporate and capital markets compliance matters, while Lukas Wyss also covers regulatory securities. Alexander Nikitine has know-how in DCM and ECM offerings.
‘Accessibility and know-how.’
UBS AG and Credit Suisse AG
Valiant Bank AG
UBS AG and Credit Suisse Ltd
Baloise Holding AG
Ford Motor Credit Company LLC
Swiss Life Holding Ltd.
Swiss Life AG
Montana Aerospace AG
CRISPR Therapeutics AG
Swisscard AECS GmbH
Cembra Money Bank AG
Credit Suisse – Emil Frey
- Advising UBS AG, Credit Suisse Ltd and ING Bank as lenders under a mezzanine facility agreement granted to the Singapore based shareholder of gategroup Holding AG in relation to the restructuring of the financial debt and the recapitalization of gategroup Holding AG’s shareholder as well as gategroup Holding AG itself.
- Advising Valiant Bank AG on a further issuance under its CHF5bn covered bond program.
- Acted as counsel to the underwriters UBS AG and Credit Suisse Ltd on the rights offering of Swiss Steel Holding AG.
Transaction specialist boutique Advestra hit the ground running since opening its doors at the beginning of 2020. The group has a track record of advising on equity and debt capital market transactions on matters such as IPOs, rights issues, PIPEs, accelerated book-buildings (ABBs) and other structures. Hybrid bonds, covered bonds, high-yield bonds and convertible bonds are also handled. The group’s client portfolio includes listed companies, Swiss and global investment banks, private equity sponsors, sovereign wealth funds and other domestic and foreign financial and strategic investors. Thomas Reutter enjoys an excellent reputation in the market. He is supported by the up-and-coming Annette Weber, Alexander von Jeinsen and Sandro Fehlmann.
Other key lawyers:
Annette Weber; Sandro Fehlmann; Alexander von Jeinsen; Rashid Bahar; Thomas Reutter
‘Very knowledgeable and dynamic team, very client-focused.’
‘Very client-focused and adaptive, broad and relevant knowledge (Alexander von Jeinsen, Thomas Reutter).’
‘Highly competent and experienced, young and talented crowd, great firm reputation built in a very short time frame.’
‘Thomas Reutter: highly skilled and experienced lawyer.’
‘Alexander von Jeinsen and Annette Weber have high potential.’
‘Annette Weber is very hardworking, responsive and experienced in relevant transaction types.’
‘Alexander von Jeinsen: very good transactional experience, very good responsiveness, performs exceptionally well under pressure and within tight deadlines, gives sufficient exposure to his associates, is talented at handling large groups of stakeholders.’
Bank of America Merrill Lynch (BofA)
ZKB (Zürcher Kantonalbank)
- Advised the banking syndicate on Molecular Partners AG’s Initial Public Offering in the United States and its listing on NASDAQ raising gross proceeds of approximately $63.8m.
- Acted as legal counsel to Goldman Sachs, Jefferies and ZKB with regard to the successful placement by Meyer Burger of newly issued shares raising gross proceeds of CHF80m and €145m green guaranteed senior unsecured convertible bonds.
- Acted as legal counsel to Bank of America Merrill Lynch, Credit Suisse AG and Goldman Sachs International as the joint bookrunner in connection with the placement of CHF600m senior unsecured convertible bonds due 2028 by Idorsia AG.
The capital market practice at Baker McKenzie is praised for its ‘ability to familiarize itself with bespoke financial products with ease and to successfully negotiate with transaction counterparties.’ Traditionally active in equity capital markets, the group has know-how in share issuances and convertible bond transactions. Recently, its workload in debt issuances has grown, advising on matters such as equity-linked, high-yield debt and straight bonds. Led by Matthias Courvoisier, the team works well as an integral part of the firm's international network, as well as with its litigation and compliance practices. Philip Spoerlé left the firm in November 2021.
Other key lawyers:
Ansgar Schott; Yves Mauchle
‘Lean staffing leads to high efficiency.’
‘Matthias Courvoisier, Alexander Fischer: High commitment, fast responses, multi-disciplinary skillset.’
‘Known to be doing things differently; competitive pricing.’
‘Matthias Courvoisier: very reputable lawyer, giving differentiated advice and very hands-on.’
‘Ability to familiarise itself with bespoke financial products with ease and to successfully negotiate with transaction counterparties.’
‘Yves Mauchle is not only quick to turn round transaction documents while delivering high quality, but also to drive transaction-related negotiations efficiently and effectively.’
UBS AG/UBS Investment Bank
Joh. Berenberg Gossler & Co. KG
Varia US Properties AG
Bausch Health Corporation
Swiss Finance & Property Investment AG
Zug Estates Group
Bank am Bellevue AG
Canton of Geneva
Swiss Steel Group (formerly Schmolz+Bickenbach)
Basilea Pharmaceutica AG
Fundamenta Real Estate AG
Cosmo Pharmaceuticals S.p.A.
Investis Holding SA
Highbridge Tactical Credit Fund Limited
Kühne + Nagel International
Zur Rose Group AG
- Advised, as lead and international counsel, Highbridge Capital Management, LLC, on an up to CHF20m highly complex equity-linked debt financing for SIX Swiss Exchange listed Santhera Group.
- Advised SIX Swiss Exchange-listed Basilea Pharmaceutica Ltd. on its capital increase from authorised capital and the related share placement in an accelerated bookbuilding procedure.
- Advised CoinShares on all Swiss law aspects in connection with its admission as new ETP issuer at the SIX Swiss Exchange and the listing of its first physical bitcoin ETP (BITC).
Bär & Karrer Ltd. demonstrates strength in acting for both issuers and lead managers on IPOs as well as on the issuance of bonds and notes. Other areas of expertise are equity-linked and regulatory capital instruments, private placements and recapitalisation programmes. The practice is regularly active in the banking, insurance, industrials, technology, healthcare & life sciences as well as the real estate sectors. Rolf Watter and Ralph Malacrida both have considerable experience in capital market transactions. Urs Kägi is well versed in capital increases, IPOs, new listings, and dual listings. Other prominent practitioners are Lukas Roesler, Dieter Dubs and Frédéric Bétrisey.
Rolf Watter; Ralph Malacrida; Urs Kägi; Lukas Roesler; Dieter Dubs
Other key lawyers:
‘The team is extremely competent, pleasant, available and able to deal with emergencies and unforeseen events within very tight deadlines.’
‘The individuals we work with are extremely competent and able to deal with emergencies and unforeseen events within very tight deadlines. They know us and our needs as well as our special context. We have a longstanding relationship and trust, with Frédéric Bétrisey in particular.’
‘We were looked after professionally, so there were no risks as everything was thought through in advance.’
‘Urs Kägi supports us very professionally and represents us very competently.’
Far Point Acquisition Corporation
SIG Combibloc Group
Highlight Event and Entertainment AG
- Acted as legal and tax advisor on all Swiss law aspects to Far Point Acquisition Corporation, a special purpose acquisition company (SPAC), and Swiss-based Global Blue, combining their businesses through a merger.
- Acted as legal counsel to Alibaba Group on all aspects of Swiss laws in the rights offering and the private placement.
- Advised Temasek as the main shareholder on the recapitalisation of gategroup.
Kellerhals Carrard is noted for its ‘entrepreneurial approach, taking new roads and finding innovative solutions.’ Its speciality is advising large companies and banks on listed financial products, as well as on mid-cap capital market transactions. The team has considerable experience in the FinTech sector. The ‘creative negotiator‘ Beat Brechbühl handles transactions and leads the practice with Dominik Oberholzer who is a listed financial products expert. Jean-Luc Chenaux knows IPO-related issues well and associate Shayan Mirabi is considered to be ‘calm, highly efficient and delivers results needed.‘ The group was reinforced by the arrival of Luca Bianchi in early 2021, who was previously at Niederer Kraft Frey AG.
Beat Brechbuehl; Dominik Oberholzer
Other key lawyers:
Edgar Philippin; Jean-Luc Chenaux; Luca Bianchi; Shayan Mirabi
‘We can’t recall a situation where they let us down or provided bad advice. The team is very professional, to the point and does not have the usual risk-averse approach that others have. They have a very good and able network of specialised law firms.’
‘Beat Brechbühl is precise, fast and pragmatic. He provides advice that hits the spot.’
‘Shayan Mirabi is a rising young talent; he is calm and highly efficient and delivers results.’
‘The KC team is pragmatic, solution-oriented and efficient. They take an entrepreneurial approach, take new roads and find innovative solutions. They offer high personal commitment and partner attention.’
‘Beat Brechbühl is a smart and creative negotiator.’
‘Jean-Luc Chenaux has excellent know-how regarding capital market transactions. He is fast and clear.’
Kursaal Bern AG
Daetwyler Holding AG
Franklin Templeton Group
Edisun Power Holding AG
- Assisted Kursaal Bern, together with ZKB, with the initial public offering on all corporate and capital market aspects.
- Advised UBS AG with regard to all aspects of Swiss law for the set-up, registration with the Swiss regulator and listing at SIX Swiss Exchange of listed and non-listed funds.
- Advised Zegna with regard to the first SPAC transaction/IPO involving the Swiss holding company with US sponsors to be listed at the NYSE.
With an emphasis on equity capital market matters, the team at MLL Legal advises especially issuers and investment banks on the full range of capital market transactions, including IPOs, private placements, rights offerings, debt offerings and exchange offers. The offering further includes assisting listed companies with corporate governance and ongoing regulatory matters. Wolfgang Müller and Christoph Heiz are experienced in debt and equity CM transactions and lead the practice with Catrina Luchsinger Gähwiler who has know-how in structuring investment products. Andrea Sieber is well versed in regulated industries.
‘Pragmatic, entrepreneurial, efficient.’
‘Entrepreneurial, hands-on, business acumen.’
‘Professional service, fast.’
‘Wolfgang Müller: available, fast, knowledge of SIX regulations, offers flexible solutions.’
Allreal Holding AG
Calida Holding AG
DOTTIKON ES HOLDING AG
LumX Group Ltd
Meyer Burger Technology AG
Nova Property Fund Management AG
Novavest Real Estate AG
poenina holding ag
Schlatter Industries AG
SEBA Bank AG
Swissinvest Real Estate Fund
Trifork Holding AG
- Advised Dottikon ES Holding on its rights offering to raise about CHF210m and the listing of its newly issued shares on SIX Swiss Exchange.
- Advised Allreal on the issue of the bond offerings 2021 and 2020 of CHF170m and CHF175m, respectively, and the listing of the bonds on SIX Swiss Exchange.
- 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.
Pestalozzi is an established go-to counsel to domestic and international banks and corporations in the capital market area. The team has experience acting in a range of equity, debt and securitisation transactions, with particular strength in bond issuances, advising also on capital markets platforms and exchanges and listing of ETPs. In a recent highlight, it was involved in one of Switzerland’s first green bonds. Several team members are also recognised issuers’ representatives. Practice head Oliver Widmer is ‘always up-to-date and his advice is very helpful.’ Urs Kloeti and Christian Leuenberger can offer know-how at the intersection of finance and corporate law respectively. Beat Schwarz is a debt capital market contact, while Andrea Huber covers regulatory aspects.
Other key lawyers:
Severin Roelli; Beat Schwarz; Andrea Huber; Ludivine Boisard; Urs Kloeti; Christian Leuenberger
‘Christian Leuenberger is very pleasant to work with. He is very pragmatic and has great ‘dealmaker’ abilities.’
‘Pestalozzi is a very professional firm with expertise in all possible law matters. This makes us as a client sure to get well documented and accurate legal advice on any subject matter we are discussing with them.’
‘They are extremely responsive and always sharp in their legal opinions.’
‘They always advised in a timely manner and were capable of dealing with the authorities (if required). They were up to date with the most recent regulatory developments. The lawyers understand our needs from a commercial perspective and are innovative in finding a sophisticated yet workable solution.’
‘Oliver Widmer is always up-to-date and his advice is very helpful. He is available 24/7 and one of the top lawyers in his area.’
‘I can recommend this firm because of the high quality of their services and their client-oriented approach, reliance and trustworthiness. These values along with competitive rates and accurate billing have made our cooperation so long.’
‘We appreciate Oliver Widmer for being reliable, accurate and punctual, and providing expertise of a high quality.’
‘Oliver Widmer is one of the leading Swiss lawyers. We love to work with him, very skilled and pragmatic.’
Bank of America Merrill Lynch
Coca Cola HCB
H.C. Wainwright & Co
RiverRock European Capital Partners LLP
STX Fixed Income
- Advised Swisscom, a state-controlled ICT company in Switzerland, on one of the first Swiss green/sustainable bond issues of CHF1bn, also coordinating with foreign counsel.
- Advised the Noble Group, including six Swiss financing companies on the re-financing of its debt, including a credit facility and the issuance of a bond in connection from Noble emerging from chapter 11.
- Advised the initial purchasing banks (Goldman Sachs, Citigroup, Credit Suisse) in connection with a €825m notes offering by Salt.
Clients highlight Schellenberg Wittmer Ltd for having ‘a holistic approach also covering business aspects.‘ The group is often sought after by a variety of clients, including industry associations, from the financial services, energy, engineering, industrials, IT, life sciences and real estate sectors. It covers the full gamut of capital market matters, including OTC and exchange-traded derivatives, and the issuance of structured products. Its regulatory expertise is further noted. Department head Philippe Borens is well versed in equity as well as in debt capital market transactions. Martin Lanz also advises on stock exchange law. Olivier Favre specialises in derivatives and structured finance. Tarek Houdrouge is the key contact in Geneva. Senior associate Fabio Elsener is ‘extremely efficient.’
Other key lawyers:
Pascal Hubli; Tarek Houdrouge; Christoph Vonlanthen; Martin Lanz; Olivier Favre
‘Schellenberg Wittmer has an outstanding team supporting its clients with its deep capital markets knowledge. Compared to other Swiss or international law firms, Schellenberg Wittmer is always available upon short notice and the quality of their work was significantly above the industry average. Instead of only focusing on legal aspects, Schellenberg Wittmer has a holistic approach also covering business aspects which is exceptional compared to other law firms.’
‘We would like to highlight the work of Fabio Elsener which is extraordinary and it is always a great pleasure working together with him. He has exceptional knowledge in capital markets that we can highly recommend to anyone. He is also extremely efficient and it is very pleasant to work together with him. Fabio Elsener has also a deep business understanding which makes his work even more valuable for us.’
‘Philippe Borens is an outstanding lawyer with high skills in capital market matters and able to provide perfect structures meeting the client requirements.’
‘Tailor-made and pragmatic advice, solution-orientated.’
‘High responsiveness, straight to the point, commercial approach.’
BNP Paribas (various entities in UK, Ireland, France, Germany and Switzerland)
AXA Life Ltd
Barclays Bank PLC
Crédit Agricole Corporate and Investment Bank (formerly Calyon)
First Quantum Minerals
Schroder & Co Bank
Spice Private Equity Ltd (formerly APEN/AIG Private Equity Ltd)
Zurich Kantonalbank, Zurich
Credit Suisse AG
Rapid Nutrition PLC
International Swaps and Derivatives Association (ISDA)
Futures Industry Association (FIA)
Swiss Bankers Association (SBA)
China Construction Bank
Leonteq Securities AG
Helvetische Bank AG
Bauwerk Boen AG
Reuss Private Group AG
Banque Cramer & Cie SA
Mirabaud Asset Management
REYL & Cie SA
PIERER Mobility AG
Technogroup IT Services AG
OC Oerlikon Corporation AG
- Acted as Swiss counsel to SIX-listed ams AG in connection with its all-cash takeover offer for all shares in DAX-listed OSRAM Licht AG, 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 Leonteq Securities AG (Leonteq) on the drafting of its new FinSA compliant Programme for the issuance of structured products, warrants and other debt instruments.
- Acted as counsel to the Swiss Bankers Association (SBA) for the preparation of its documentation incorporating fallbacks for LIBOR rates into derivatives transactions documented under Swiss Master Agreements for OTC Derivatives Transactions in view of the transition from LIBOR rates to alternative risk-free rates.
VISCHER is noted for its expertise in assisting underwriters and issuers with the listing of securities at the SIX Swiss Exchange, share listings and equity transactions in general; these often take place in the life sciences and FinTech space. Other skills also include supporting clients in dealing with a variety of bond issues, distressed bonds, public takeovers and proxy solicitations in addition to covering regulatory work. Key contacts Markus Guggenbühl and Jana Essebier are well versed in derivate instruments. Robert Bernet deals with public takeovers of listed companies. Adrian Dörig leads the department.
Elliott Advisors (UK) Limited
Kuros Biosciences AG
Medartis Holding AG
Cantonal Bank of Basel
Lundbeck A/S, Valby DK
RELIEF THERAPEUTICS Holding SA
- Acted as Swiss legal advisor to hedge fund Elliott in relation to various matters with Swiss ends or involvements.
- Advised Relief Therapeutics Holding SA on all its major capital markets transactions and on compliance with capital markets and stock exchange rules.
- Supported Ridgex in setting up an Exchange Traded Commodities program and advised on DLT-related matters.
Recognised as expert issuer representatives by SIX Exchange Regulation, the team at Prager Dreifuss AG advises companies on their initial public offering (IPO) as well as listed companies on all aspects of stock exchange law. Other services include support in public and private placements, token offerings, management transactions and insider trading law. Led by Urs Bertschinger, the group is regularly instructed by issuers as well as banks and other financial service providers. Andreas Moll is also noted.
Other key lawyers:
The ‘dealmakers’ at Wenger Vieli Ltd are particularly focused on equity capital markets, but also see an increase in debt-related work. Banks, companies and private equity funds as well as several start-ups approach the group for its capital market expertise. Pascal Honold is a key contact for listed companies in a range of matters and leads the practice together with IPO specialist Wolfgang Zürcher. Beat Speck handles capital market and other transactions.
Other key lawyers:
Beat Speck; Christoph Schmid
‘Reliable – reliable – reliable. They get things done – in time and quality. They are not arrogant, but competent and deliver to the point. Works like a Swiss clockwork.’
‘The firm has a problem-solving attitude – not a ‘let me tell you how complex the world is’ mindset. Driven, competent, broad experience, also – and that’s important for us and a bit unusual in Switzerland – quite international.’
‘Efficient work, dealmakers.’
‘Very experienced specialists.’
‘Sound knowledge and experience combined with a solution-oriented, down-to-earth approach. High professional level and standards. Good communication, open for discussions.’
RFR Management AG
Burckhardt Compression Holding AG
Alegra Capital AG
Züblin Immobilien Holding AG
Sygnum Bank AG
Crypto Valley Zug
New Value AG
NLS Pharmaceutics Ltd.
Swiss Property AG
Private Equity Holding AG
u-blox Holding AG
- Advising the major shareholder Redmile Group of ADC Therapeutics on its IPO at Nasdaq.
- Advising Sygnum Bank AG on capital markets and corporate matters.
- Assisting Burckhardt Compression Holding AG with a defence Manual, ad hoc publicity, disclosure of shareholdings, and other capital market issues.