Homburger advised Zürcher Kantonalbank
On September 30, 2020, Zürcher Kantonalbank placed CHF 275,000,000 1.75% AT1 Write-Down Notes. The notes qualify as both additional tier 1 capital as well as going concern capital under Swiss regulations for systemically relevant banks. This transaction was the first transaction in Switzerland done in reliance on the exemption in the new prospectus regime of the Financial Services Act to have a prospectus that is pre-approved by a Swiss reviewing body. The first day of trading on the SIX Swiss Exchange is expected to be October 15, 2020.
