Capital markets in Switzerland

Bär & Karrer Ltd.

Bär & Karrer Ltd. handles IPOs, capital transactions, equity-related matters, bond and notes issuance, as well as private placements and recapitalisation programmes. Thomas Reutter acted for syndicate banks Credit Suisse and Goldman Sachs on a combined offering worth CHF505m on the placement of shares and senior convertible bonds of Idorsia. Another highlight was its advice to the syndicate banks on Klingelnberg's CHF241m IPO. Swiss Re, Ceva Logistics and Novartis are among its other clients. M&A and finance lead Ralph Malacrida and transaction partner Rolf Watter are other core team members. Till Spillmann left for Niederer Kraft Frey AG at the beginning of 2018.

Homburger

Homburger is 'valued for its strong client focus, market intelligence, competence and high-quality work products'. With considerable expertise in equity, hybrid and debt transactions, the team is also well known for advising on IPOs, equity raisings, capital and debt issuances, as well as traded investment products. Recent highlights include advising on the updating of UBS Group's senior debt programme, work which was led by Stefan Kramer, who has 'strong knowledge of banking regulations', and the 'skilled and client-orientedBenedikt Maurenbrecher. Other core practitioners are René Bösch, a key counsel for Credit Suisse, and Daniel Daeniker, who acted for Sensirion on the listing of over eight million shares in connection with its IPO on SIX Swiss Exchange. 'Outstanding legal adviserHansjürg Appenzeller and 'solution-driven' counsel Lee Saladino are also recommended.

Lenz & Staehelin

One of the 'leading practices in Switzerland', Lenz & Staehelin's 'depth and quality is world class'. Equity transactions, bond offerings, securitisation, derivatives, convertibles and structured notes are among its areas of expertise. 'Stand-out performerJacques Iffland advised ObsEva on a $60m private investment of shares and short-term warrants regarding a public equity transaction with several investors, while Rudolf Tschäni and Hans-Jakob Diem assisted Sika with its CHF1.65bn issuance of senior convertible bonds on SIX Swiss Exchange. 'Knowledgeable and thorough' derivatives and structured products expert François Rayroux and Zurich co-lead Patrick Schleiffer are other names to note.

Niederer Kraft Frey AG

Niederer Kraft Frey AG is 'a level above most local competitors' and stands out for its 'professionalism and high quality of work'. The capital markets practice is best known for advising on Swiss IPOs, securitisation, debt and hybrid transactions, as well as rights offerings and private equity placements. 'Go-to lawyerPhilippe Weber, who is 'a reassuring presence on transactions', and Marco Haeusermann assisted Swiss Re with its $500m offering of senior exchangeable notes, while Philipp Haas and Till Spillmann advised Idorsia on a share offering worth CHF500m. Team head François Bianchi and Daniel Bono are also key practitioners.

Walder Wyss Ltd

Walder Wyss Ltd's 'reputable, experienced and well-connected' practice 'has the right mix of seniority, experience and work dedication to handle complex matters' and is particularly 'experienced in transactions' for the financial services, life sciences, real estate and logistics industries. Securitisation matters form another key area of expertise. Alexander Nikitine acted for underwriting banks Zürcher Kantonalbank, Bryan Garnier and Kepple Cheuvreux on Medartis Holding's CHF700m IPO on SIX Swiss Exchange, while the 'calm and focused' Theodor Härtsch assisted Athris with its IPO on BX Swiss. Lukas Wyss advised Glarner Kantonalbank on placing additional Tier 1 bonds worth CHF100m.

Baker McKenzie

Baker McKenzie's 'very dedicated team' receives praise for its high level of 'availability and engagement'. Advisory services include IPOs, share issuance, equity and debt transactions, public M&A, structured products and derivatives, while the team also handles contentious matters including disclosure disputes and compliance issues. 'Valuable sparring partnerMatthias Courvoisier, who 'convinces through his legal knowledge and market understanding', assisted Lalique Group with its capital increase and IPO on SIX Swiss Exchange, and advised Schmolz+Bickenbach on the issuance of €200m-worth of senior secured notes. Marcel Giger is another key practitioner.

Kellerhals Carrard

Transactions, exchange-traded products, IPOs, asset management, derivatives and disclosure matters make up the bulk of work at Kellerhals CarrardDominik Oberholzer advised Man Group on the foundation of an international CLO investment vehicle, and also assisted UBS with the regulatory registration and listing of financial products on SIX Swiss Exchange. Beat Brechbühl acted for Aventron on a cross-border share capital increase.

Meyerlustenberger Lachenal Ltd

Meyerlustenberger Lachenal Ltd (MLL)'s 'goal-oriented, efficient, pragmatic and experienced' capital markets team handles IPOs, private placements, collective investment schemes, as well as rights, debts and exchange offerings, combined with regulatory aspects. Wolfgang Müller, who 'is very pleasant to work with', acted for TDK-Micronas as selling shareholder on the IPO of X-Fab Silicon Foundries on Euronext Paris, while Christoph Heiz advised Norges Statsbaner on issuing a series of international bonds worth CHF375m on SIX Swiss Exchange.

Pestalozzi

Pestalozzi has strength in derivative and high-yield bond issuances, mainly acting for banks and companies. Other areas of expertise range from transactions, IPOs, private equity financing, private investment in public equity offerings and securitisation to fintech products and regulatory matters. Crédit Agricole, EON, RWE, Credit Suisse and Deutsche Bank are among its clients for securitisation and real estate-related capital markets transactions, while Nordea Bank, HSBC and Danske Bank were advised on their respective structured notes programmes. Practice lead Urs Klöti and partner Oliver Widmer are the key practitioners. Debt capital markets lawyer Beat Schwarz and stock exchange specialist Severin Roelli are other names to note.

Schellenberg Wittmer Ltd

Schellenberg Wittmer Ltd's team of 'outstanding professionals' maintains 'good working relationships' with clients and is renowned for staying 'calm even in stressful situations'. With a focus on debt capital market transactions, OTC derivatives and asset management, the department's recent highlights include the placement of €600m-worth of zero-coupon convertible bonds by public-listed company ams and advising a foreign bank on the issue of mortgage-backed bonds in Switzerland. The practice includes team head Philippe Borens, financial products expert Martin Lanz and transactions partner Olivier Favre.

VISCHER

Derivatives, securities listings, IPOs, bond issues and fintech products constitute the core areas of advice at VISCHERMarkus Guggenbühl assists UK-based Elliott Advisors on Swiss securities laws, takeover and disclosure rules in connection with several matters, while Robert Bernet advised Openlimit Holding during its authorised investment capital increase; its shares are traded on the Frankfurt Stock Exchange. Matthias Staehelin advised Crispr Therapeutics on a $130m public offering of shares on Nasdaq.

Wenger & Vieli LTD

The team at Wenger & Vieli LTD receives praise for its 'excellent project dedication, availability and legal competence'. Equity and debt capital markets, fintech work and transactions are core strengths. Wolfgang Zürcher assisted MacxRed with the creation of structured products and liaising with FINMA concerning some of the first non-regulated products publicly available to third-party investors, and Martin Hess acted for start-up Sonect on the Swiss and EU regulatory aspects regarding the realisation of a cash withdrawal app.

Bratschi Ltd

Bratschi Ltd handles mid-sized capital market transactions, as well as debt and structured finance matters. St. Gallen-based practice lead Christian Stambach advised Adecco Group during the issue of $300m-worth of notes under a €3.5bn medium-term note programme, while Barbara Jecklin assisted the same client with a €600m senior unsecured revolving credit facility. Marco Rizzi also handles domestic rights issues and alternative IPOs.

GHR Rechtsanwälte

Areas of expertise at GHR Rechtsanwälte include securities, public tender and rights offerings, IPOs, convertibles, bond and notes issues, share buybacks, as well as regulatory and compliance aspects. Marc Grüninger and Markus Brülhart assisted Cemex with its global issuance of €650m-worth of senior secured notes on the Irish Stock Exchange. Eurasian Resources Group is another key client of the practice.

Prager Dreifuss AG

IPO planning, transactions, stock exchange regulation (including ad-hoc disclosure and public tender offers) and advice on financing structures are the key areas of expertise at Prager Dreifuss AG. The team consists of corporate and transactional partners Urs Bertschinger and Andreas Moll, as well as associate Christian Schönfeld.