Pestalozzi advises Swisscom on EUR 500 million green bond issue
For Swisscom's most recent bond issue, launched based on the Green Bond Principles of the International Capital Market Association (ICMA), an application has been made to the Euronext Dublin for the bonds to be admitted to its official list and to trading on Euronext Dublin’s regulated market.
Swisscom, listed on the Swiss Market Index, comprising the largest and most liquid stocks traded on the Swiss stock exchange, shows its pre-eminence in being both Switzerland’s leading telecoms company and one of the leading IT companies. With a market capitalisation of more than CHF 26 billion, sales of about CHF 11.4 billion, and over 19,000 full time employees, the Swisscom group enjoyed a strong year in 2019. Swisscom’s major shareholder is the Swiss Confederation with a participation of 50.95 percent.
In this multi-jurisdiction project, Pestalozzi advised Swisscom as lead counsel on both the design and implementation of a new bond issue structure. This state-of-the-art issue structure not only responds to the most recent legislative developments both in a domestic and international context, but is also set up with an ambitious focus on creating a competitive lean cost structure, thus optimising use of proceeds from the bond issue for the business. Further, Pestalozzi advised Swisscom as Swiss counsel on all Swiss legal and tax matters related to the preparation and completion of the primary market placement of the bonds.