Capital markets in Switzerland

Advestra

Advestra has developed a capital markets team that boasts a foothold in both equity and debt-based transactions. On the DCM front, the team provides strategic advice across the spectrum of transactions, including multi-tranche deals. The ECM practice oversees IPOs, rights offerings, and convertible and hybrid instruments. Praised by one client for being ‘extremely knowledgeable’, Annette Weber plays a central role in high-value transactions for a diverse client roster of issuers, underwriters and sponsors. Thomas Reutter is renowned for his longstanding experience in handling capital increases. The two are closely supported by Alexander von Jeinsen, who is well-versed in the financing aspects of complex capital markets mandates. At the associate level, Valerie Bayard and Mariëlle van Nimwegen contribute to the team.

Weitere Kernanwälte:

Annette Weber; Thomas Reutter; Alexander von Jeinsen; Valerie Bayard; Mariëlle van Nimwegen


Referenzen

‘Exceptional support on bond issuances – the technical aspects, market and shape of the whole transaction was given the top service.’

‘I recommend Annette Weber and Marielle van Nimwegen.’

‘Outstanding client dedication; willing to go off the beaten track; solution and commercially oriented and willing to challenge the status quo.’

Kernmandanten

Barry Callebaut


BCGE


Galderma


Novartis


Salt Mobile


Sandoz


SIG Group


Swiss Prime Site


Viseca


Highlight-Mandate


  • Advised BioVersys on its CHF80m IPO on the SIX Swiss Exchange, including the structuring of a cross-conditional cornerstone investment tranche for a non-eligible US investor.
  • Advised Galderma on its inaugural post-IPO CHF500m dual-tranche bond issuance, guaranteed by Galderma Group AG and arranged by UBS and ZKB.
  • Advised Salt Mobile on the dual-structure financing involving a €420m high-yield bond issuance and a €430m term loan facility by its parent, Matterhorn Telecom.

Homburger

Homburger houses a capital markets department that stands out for its comprehensive offering, covering both equity and debt mandates. The firm’s ECM repertoire spans IPOs, spin-offs, and dual listings. On the debt side, the team is involved in the structuring of high value bond issuances, including green and convertible bonds. Frank Gerhard, who heads the ECM practice, brings a strong track record in representing issuers in IPOs. DCM practice head Benjamin Leisinger is adept at assisting clients with their debut debt issuances. Dieter Gericke is highlighted for handling listings on the SIX. Benedikt Maurenbrecher, Daniel Haeberli and Jürg Frick specialise in international bond offerings. Focusing on the TMT and financial services sectors, Daniel Daeniker provides guidance on IPOs and private placements. Daniel Häusermann plays a key role in equity-related transactions. Lorenzo Togni garners praise for combining ‘experience, commercial judgement and intensity’.

Praxisleiter:

Frank Gerhard; Benjamin Leisinger


Weitere Kernanwälte:

Dieter Gericke; Benedikt Maurenbrecher, Daniel Haeberli; Jürg Frick; Daniel Daeniker; Daniel Häusermann; Lorenzo Togni; Karin Mattle


Referenzen

‘Lorenzo Togni is a leading capital markets expert in Switzerland who combines experience, commercial judgement and intensity to execute on ambitious timelines.’

‘Homburger demonstrates outstanding capabilities and deep expertise in equity capital markets transactions in Switzerland. We have partnered with the team on several ECM matters and they consistently deliver work of the highest quality. Their availability and responsiveness are exemplary, ensuring that we always feel supported and well-advised.

‘Very strong team. Our collaboration has evolved very positively in recent years, with the team becoming even more focused on proactivity and pragmatism. The team has a very international mindset and excellent connections to Swiss authorities, enabling trusted collaboration between Homburger and the authorities.’

Kernmandanten

Liberty Global


Sunrise Communications


EQT


BioVersys


Molecular Partners


Calida


Swiss Prime Site


Idorsia


Julius Bär


UBS Group


Highlight-Mandate


  • Advised Liberty Global and Sunrise on the $3.7 bn spin-off and listing of Sunrise on the SIX Swiss Exchange and NASDAQ.
  • Advised BioVersys on its IPO on the SIX Swiss Exchange.
  • Advised EQT on sale of 10% of Galderma to L’Oréal.

Niederer Kraft Frey Ltd

The capital markets team at Niederer Kraft Frey Ltd has accrued deep expertise in equity transactions, with considerable experience of handling IPOs. The firm is a top choice for issuers, regularly assisting Swiss issuers in international offerings. Philippe Weber maintains a reputation for his capabilities in international share offerings. Daniel Bono is an expert in covered bond transactions, while Marco Häusermann advises arrangers and issuers on public debt offerings and private placements. Philip Spoerlé has a broad practice which encompasses debt and equity-linked financing structures. Andrea Giger is sought after by underwriters and issuers for equity and debt transactions. Adding further weight to the team, Deirdre Ní Annracháin focuses on both rights offerings and IPOs.

Weitere Kernanwälte:

Philippe Weber; Daniel Bono; Marco Häusermann; Philip Spoerlé; Andrea Giger; Deirdre Ní Annracháin


Referenzen

‘Strong commercial understanding and good overall and technical support.’

‘High client focus and understanding of shareholders‘ and company’s priorities.’

‘Niederer Kraft Frey combines deep legal expertise with commercial pragmatism, making them a go-to firm for complex banking and capital markets matters. Their team is responsive, efficient and well-aligned with Swiss market standards, which is especially valuable for international clients. Partners like Philippe Weber and Philip Spoerlé bring strategic insight and technical excellence.’

Kernmandanten

EQT


UBS AG


CHP Chemie + Papier Holding AG


Goldman Sachs


Clariant AG


EFG International / EFG Bank AG


CGS


Société Générale


Morgan Stanley


Citibank


JPMorgan


Jefferies


BNP Paribas


Partners Group


QIA (Qatar Investment Authority)


GIC (Singapore)


Coöperatieve Rabobank U.A


Banco de Chile


CoinShares


Highlight-Mandate


  • Advised EQT on a pre-IPO reorganisation of HBX Group’s corporate structure and the subsequent IPO of HBX Group.
  • Advised the underwriter and tokenisation agent on a CNY cross-border tokenised financing transaction by Ant Digital Technologies.

Bär & Karrer Ltd.

Bär & Karrer Ltd.’s capital markets team provides clients with guidance on complex transactions such as spin-offs and high-value bond and note issuances. The core practitioners spearheading the practice are Ralph Malacrida, Urs Kägi, Lukas Roesler, Rolf Watter, and Dieter Dubs. Issuers, investors and financial institutions instruct co-head Kägi on new listings and capital increases. Leading the team alongside him, Roesler brings considerable experience in counselling clients on their debt programmes.

Praxisleiter:

Ralph Malacrida; Urs Kägi; Lukas Roesler; Rolf Watter; Dieter Dubs


Referenzen

‘Rolf Watter: professionalism, know-how, experience, responsiveness, pragmatic advice.’

‘Competent, prompt and professional.’

‘Ralph Malacrida knows how to leverage his extensive experience in a way that creates significant added value for the client; he searches for and finds practical solutions quickly and efficiently and implements them with great care.’

Kernmandanten

Holcim AG


Amrize AG


Aebi Schmidt


Chubb


SGS SA


UBS AG


Highlight-Mandate


  • Advised Holcim and Amrize on the spin-off of Amrize.
  • Advised Aebi Schmidt Group on its merger with The Shyft Group and listing on the NASDAQ.
  • Advised Bank Vontobel AG on its inaugural issuance of CHF200m senior bonds on the SIX Swiss Exchange.

Baker McKenzie Switzerland SA

Baker McKenzie Switzerland SA’s capital markets offering spans equity and debt transactions, including derivatives, securitisations and other forms of structured finance. The team also possesses specialised knowledge of digital securities and is well-equipped to handle matters involving the issuance, distribution, and trading of tokenised securities. Leadership is split between Matthias Courvoisier and Yves Mauchle. Alongside assisting clients with bond issuances, Courvoisier stands out for his niche areas of expertise, such as SPACs and GDRs. Typical engagements for Mauchle include capital increases and debt issuances. Ansgar Schott is chiefly engaged in structured products programmes and securitisation transactions, while Tanja Schmid closely supports the team.

Praxisleiter:

Matthias Courvoisier; Yves Mauchle


Weitere Kernanwälte:

Ansgar Schott; Tanja Schmid


Referenzen

‘Baker McKenzie is highly effective and innovative. They are open to breaking new ground in order to achieve the best possible results for their clients.’

‘Matthias Courvoisier is an exceptional lawyer with extensive knowledge and experience in numerous areas of law. This enables him to devise solutions that require thinking outside the box. Yves Mauchle has a highly analytical mind, which enables him to explore problems in great depth and thus develop outstanding solutions.’

‘The team stands out thanks to its wide-ranging, outstanding expertise and always provides us as clients with comprehensive, understandable, solution-oriented and empathetic advice.’

Kernmandanten

PSP Swiss Property


R&S Group Holding AG


Lalique Group


Athris AG


DocMorris AG


Ultima Capital SA


Helveteq


PLAZZA AG


Georg Fischer AG


Schaffner Holding AG


DBS Bank


UBS AG


SBI Digital Asset Holdings Co., Ltd.


Von Roll Holding AG


Fundamenta Real Estate AG


GEM Co., Ltd.


Investis AG


Meier Tobler AG


Varia US Properties AG


Varia Europe Properties AG


ISP Securities AG


Leonteq Securities AG


Zürcher Kantonalbank


Credit Suisse AG


Deutsche Bank AG


ING


Pelham Investments AG


NLS Pharmaceutics AG


EvoNext AG


HT5 AG


Highlight-Mandate


  • Advised DocMorris AG on its rights offering that raised gross proceeds of CHF208m.
  • Advised UBS as arranger and dealer on the their €15bn ELM. B.V. secured note programme.
  • Advised Ultima Capital SA on a transaction involving the contribution of real estate assets valued at approximately €530m by Yoda PLC, and a concurrent restructuring of Ultima’s balance sheet and shareholder base.

Lenz & Staehelin

Lenz & Staehelin’s capital markets practice is capable of overseeing a wide array of transactions, from rights offerings and private placements to bond and tokenised securities offerings. Having amassed significant experience in the enforcement of takeovers, Jacques Iffland, head of the Geneva capital markets group, is deeply knowledgeable of capital markets and securities regulations. In Zurich, co-head Patrick Schärli concentrates on equity, equity-linked and debt offerings, while co-head Tino Gaberthüel is heavily involved in takeover matters. Held in high regard by issuers, Patrick Schleiffer is an expert in securities law. Derivatives and structured products are central to François Rayroux’s practice. Ariel Ben Hattar is heavily involved in both transactional and regulatory aspects of capital markets matters.

Praxisleiter:

Jacques Iffland; Patrick Schärli; Tino Gaberthüel


Weitere Kernanwälte:

François Rayroux; Ariel Ben Hattar; Patrick Schleiffer


Referenzen

‘The capital markets team from Lenz & Staehelin provided the best market insights and market standards to a client as we are, a Swiss-based, stock-listed company, with limited internal legal capabilities. The team’s support in the legal negotiation of capital market transactions/arrangements is absolutely client-focused.’

‘Best in class, very knowledgeable, efficient, pragmatic and always available.’

Kernmandanten

Accelleron Industries Ltd


Bank of America


Banque Pictet & Cie


Bundesverband Deutscher Banken


Caterpillar Financial Services Corporation


Dealer Managers


Deutsche Bank


DeXentra GmbH


EFET


GAM Holding


Geberit


International Swaps and Derivatives Association


J.P. Morgan


Jefferies


Morgan Stanley


Raiffeisen Schweiz Genossenschaft


Rieter Holding


SIG


Sika


Société Générale


Stadler Rail


Telefónica S.A


The Shyft Group, Inc.


UBS AG


WisdomTree


Highlight-Mandate


  • Advised Rieter on its CHF400m rights offering and concurrent CHF77.4m private placement of new shares.
  • Advised Banque Pictet on a project to tokenize corporate bonds and allocate them to investors in the form of fractions.
  • Advised the underwriters and dealer managers in the $3.4bn bond offering and $2bn exchange offer of Amrize.

Walder Wyss Ltd.

Debt capital markets expertise is a defining characteristic of the capital markets practice group at Walder Wyss Ltd., which handles the full breadth of transactions, from unsecured bonds and covered bonds to asset-backed securities. The team’s clientele includes major financial institutions, insurers and asset managers. Practice head David Borer maintains his reputation for advising on the placement of bonds, and has seen recent activity in the the field of Eurobond issuances. Hans-Jakob Diem concentrates on public tender offers, while Thomas Müller assists with note issuance programmes.

Praxisleiter:

Thomas Müller; Hans-Jakob Diem; David Borer


Referenzen

‘Well versed in Swiss market practices, good relationship management and productive collaboration.’

‘David Borer is very pleasant to work with and personally involved in the transaction. He is passionate about his area of work and has a strong willingness to educate clients on the background and rationale. He is solution-oriented.’

Kernmandanten

UBS Switzerland AG


DSM-Firmenich AG


Helvetia Holding AG


SoftwareOne Holding AG


Cham Swiss Properties Group AG


BNP Paribas


Swiss Life


AMAG Leasing AG


Société Générale


Swiss Life


Nordic Infrastructure AG


BofA Securities


HSBC


Cembra Money Bank AG


Highlight-Mandate


  • Advised Helvetia on its CHF18bn merger with Baloise and the issuance and listing of new Helvetia shares, worth approx. CHF8.5bn.
  • Advised Cembra Money Bank as issuer and Zürcher Kantonalbank as sole arranger and lead manager on the set-up of Cembra’s CHF1bn auto covered bond programme, guaranteed as to payments of interest and principal by Cembra Auto Finance AG.
  • Advised UBS and a banking syndicate in connection with the placement by Barry Callebaut of €900m senior guaranteed bonds due 2028 and €850m senior bonds due 2031.

Kellerhals Carrard

The capital markets department at Kellerhals Carrard is chiefly engaged in transactions involving securitisations, structured products and digital assets. Beat Brechbühl is noted for handling capital increases. He leads the team in tandem with Luca Bianchi, who counsels public companies, digital banks and fintech companies on debt capital market transactions and the structuring of financial products. Armin Kühne assists with the regulatory and disclosure aspects of capital markets deals, while Dominik Oberholzer adds further depth to the group’s debt capabilities.

Praxisleiter:

Beat Brechbühl; Luca Bianchi


Weitere Kernanwälte:

Emanuel Dettwiler; Kevin MacCabe


Referenzen

‘The team has excellent experience and is well versed in large financing agreements.’

‘We have worked with Emanuel Dettwiler and especially Kevin MacCabe, and were very happy with their proactive and to the point support.’

‘This practice stands out for its exceptional depth of expertise across key sectors such as financial services, technology and life sciences. The firm’s client-centric approach ensures tailored, pragmatic advice that consistently delivers results.’

Kernmandanten

ARGA MedTech


Bank Vontobel


BKW AG


BV Holding/Skan


Chartered Investment


Clever Portal Issuance PCC


Dätwyler Holding Inc.


Deutsche Bank


Disruptive Issuance PCC Ltd


Edisun Power Europe AG


Espace Real Estate Holding AG


Franklin Templeton


Galenica


Kursaal Bern AG


LEM Surgical AG


Macquarie


MoonLake Immunotherapeutics AG


Neur.on


Pula Advisors


RealUnit Schweiz AG


STILLE AB


Sygnum Bank


Timeline


UBS AG


Vaudoise Assurances Holding SA


Vifor Pharma


Ypsomed Holding


Highlight-Mandate


  • Advised J&T IB and Capital Markets on KKCG Financing a.s.’s issuance of CZK6bn secured bonds, publicly traded on the Prague Stock Exchange, with a 5-year maturity.
  • Advised MoonLake Immunotherapeutics on a cross-border, non-dilutive debt financing arrangement of up to $500m with Hercules Capital.
  • Advised nxtAssets GmbH on the listing of Bitcoin and Ethereum exchange-traded products on the SIX Swiss Exchange.

MLL Legal

MLL Legal frequently advises issuers and investment banks on a broad spectrum of transactions, including IPOs, rights offerings, private placements, debt offerings and exchange offers. Wolfgang Müller is the go-to representative for real estate companies and funds for a range of transactions, including the listing of new shares and bond offerings. He spearheads the practice alongside Hélène Weidmann, who handles both financing mandates and regulatory challenges. Other noteworthy individuals include Christoph Heiz and Andrea Sieber.

Praxisleiter:

Wolfgang Müller; Hélène Weidmann


Weitere Kernanwälte:

Christoph Heiz; Andrea Sieber


Referenzen

‘Broad knowledge and experience; intelligent planning, including timelines.’

‘Engaged and real personality.’

‘Excellent co-operation, excellent for Swiss small and mid-caps, great and relevant track record.’

Kernmandanten

NOVAVEST Real Estate AG


Allreal Holding AG


Backed Finance AG


Pensimo


Pyth Data Association


Schlatter Industries AG


Kraken


ARTEX MTF AG


Heart Force AG


Backpack Exchange


Liontrust Asset Management PLC


Highlight-Mandate


  • Advised NOVAVEST Real Estate AG with respect to the takeover of and merger with SenioResidenz AG.
  • Advised Allreal Holding AG on the issuance and listing of its 2025 and 2024 green bonds, in the total amount of CHF275m.
  • Advised Liontrust Asset Management PLC with respect to a public tender offer for all shares of GAM Holding AG.

Pestalozzi

Pestalozzi has expertise in debt capital markets transactions and is recognised for its involvement in bond and derivative issuances. Christian Leuenberger specialises in equity capital markets and public takeovers and regularly counsels clients on stock exchange regulation. Oliver Widmer heads up the team with Leuenberger and is noted for his vast experience in debt capital markets matters. Widmer is relied on by domestic and international banks, financial institutions and wealth managers. Severin Roelli is instructed on public M&A transactions.

Praxisleiter:

Christian Leuenberger; Oliver Widmer


Weitere Kernanwälte:

Severin Roelli


Referenzen

‘The Pestalozzi team, in particular Oliver Widmer, are smart, responsive and commercial with excellent product knowledge.’

‘Oliver Widmer is excellent and very user-friendly. He is very smart, responsive, commercial and has excellent product knowledge.’

Kernmandanten

Agco


Bank of America Merrill Lynch


Citigroup


Coca-Cola HBC


Deutsche Bank


Glencore


Goldman Sachs


H.C. Wainwright & Co


Helix Acquisition Corp


Instimatch


J.P. Morgan


Leclanché


Lithium Argentina AG


Noble Corporation


RiverRock European Capital Partners LLP


STX Fixed Income


SVB Leerink


Swisscom


TC Networks


The European Investment Bank


Highlight-Mandate


  • Advised Leclanché SA on a CHF360m PIPE and rights offering, a CHF84m and CHF26m private placements and a CHF55m IP carve-out.
  • Advised Noble Corporation on its €610m cross-border bond issuance in connection with Chapter 11 restructuring proceedings.
  • Advised Coca-Cola Hellenic Bottling on the €5bn update of its EMTN programme and a subsequent €600m notes issuance.

Schellenberg Wittmer Ltd

Together, Schellenberg Wittmer Ltd’s Zurich and Geneva offices advise clients across the financial services, industrial and engineering sectors on derivatives and the issuance of structured products and crypto-assets. Philippe Borens leads the Zurich team while Tarek Houdrouge chairs the Geneva group. Borens plays a key role in bond and note issues and securitisations, while Houdrouge is adept at advising on the regulatory aspects of capital markets mandates. Olivier Favre is renowned for his command of structured products. Christoph Vonlanthen and Fabio Elsener are noteworthy practitioners.

Praxisleiter:

Philippe Borens; Tarek Houdrouge


Weitere Kernanwälte:

Olivier Favre; Christoph Vonlanthen; Fabio Elsener


Kernmandanten

ams-OSRAM AG


Asker Healthcare Group


Avaloq Group


AXA Life Ltd


Bank Reichmuth


Bank Vontobel


Barclays Bank PLC


Bauwerk Boen AG


BNP Paribas


Boehringer Ingelheim


Brera Partners Switzerland AG


China Construction Bank


Conforama Suisse SA


Convexis


Credit Suisse AG


Deutsche Bank


First Quantum Minerals


Futures Industry Association


Helvetische Bank AG


HOCHDORF


InRoll AG


International Swaps and Derivatives Association


Julius Baer Group


Leonteq Securities AG


Maverix Securities Ltd.


Meeberg Leasing Switzerland AG


Mirabaud Asset Management


OC Oerlikon Corporation Pfäffikon


PIERER Mobility AG


Raiffeisen Switzerland


Reuss Private Group AG


REYL & Cie SA


Schroder & Co Bank


Spice Private Equity Ltd


Standard Chartered


Swiss Bankers Association


Technogroup IT Services AG


Teylor AG


UBS AG


Zurich Kantonalbank


Highlight-Mandate


  • Advised BNP Paribas (Suisse) SA on the placement of Equinix‘ second Swiss bond issuance.
  • Acted as Swiss counsel to Leonteq Securities AG for the ongoing maintenance of its FinSA programme for the issuance of structured products, warrants and other debt instruments.

CMS von Erlach Partners Ltd.

CMS von Erlach Partners Ltd. draws on its global network to provide counsel on multijurisdictional capital markets transactions. The team regularly assists with private placements and the issuance of tokenised debt and equity instruments, as well as with the Swiss law aspects of international debt offerings. Matthias Kuert, who chairs the team, is highlighted for his experience in issuer-side mandates and regulatory compliance matters. He is supported by Kaspar Landolt, who is well-versed in capital markets regulatory issues.

Praxisleiter:

Matthias Kuert


Weitere Kernanwälte:

Kaspar Landolt; Dominique Gemperli


Referenzen

‘Multi- and cross-country know-how.’

‘Matthias Kuert has know-how in tokenisation.’

‘CMS is professional, knowledgeable and excellent to work with.’

Kernmandanten

Youngtimers


Aequitec


Float Lending


Novelis


Talenthouse


HEB Swiss Investment


7 Industries Holding


Ypsomed Holding


Highlight-Mandate


  • Advised Novelis Inc. on a $750m notes offering.
  • Advised Youngtimers AG on the capital markets aspects of a private placement of shares and the acquisition of C Capital Acquisition Corp., and on the introduction of an opt-out from the duty to make a mandatory public takeover offer.
  • Advised Aequitec on its complete setup, covering Swiss and foreign capital markets law for its listed clients.

VISCHER

VISCHER’s capital markets practice sits within its broader banking and finance department. The team advises on capital increases, also assisting with regulatory and compliance issues related to securities laws, takeover and disclosure rules. Practice head Adrian Dörig leads on cross-border structured finance matters. Markus Guggenbühl brings considerable knowledge of debt, equity and hybrid financial instruments, and also excels in regulatory matters.

Praxisleiter:

Adrian Dörig


Weitere Kernanwälte:

Markus Guggenbühl; Jana Essebier


Referenzen

‘The Vischer team is very well-connected and experienced in the field of capital markets. It is a diverse team, which I much appreciate, and has in-depth knowledge of the branch, including fintech, which definitely is an asset.’

‘I love to work especially with Jana Essebier and her team. Jana is always there when you need her, and her assistance is quick and accurate.’

Kernmandanten

Relief Therapeutics Holding SA


MCH Group AG


Elliott Advisors (UK) Limited


PricewaterhouseCoopers AG


Forty51 Advisors AG


Warteck Invest AG


Paprec Holding


Highlight-Mandate


  • Advised Relief Therapeutics Holding SA in essentially all its capital markets transactions and on compliance with capital markets and stock exchange rules.