Thermo Fisher Scientific Inc.’s offering of CHF-denominated bonds has been named Swiss Franc Bond of the Year by GlobalCapital. The award recognizes the transaction’s significance, scale, and execution, as well as its role in demonstrating the depth and flexibility of the Swiss franc market. WilmerHale acted as U.S. special counsel to Thermo Fisher on the offering.
At CHF 1.425 billion, the transaction is the largest Swiss franc bond issuance ever completed by a U.S. corporate issuer. The offering consisted of CHF 410,000,000 aggregate principal amount of 0.8320% Bonds due 2026, CHF 315,000,000 aggregate principal amount of 1.1250% Bonds due 2029, CHF 350,000,000 aggregate principal amount of 1.4175% Bonds due 2033, CHF 215,000,000 aggregate principal amount of 1.6524% Bonds due 2037 and CHF 135,000,000 aggregate principal amount of 1.8975% Bonds due 2045.
In granting the award, GlobalCapital highlighted the deal’s ability to draw substantial investor demand across a wide range of maturities. By issuing both short-dated and long-dated tranches, Thermo Fisher provided investors with a diversified set of options, leading to broad participation throughout the curve. The structure and size of the transaction demonstrated that the Swiss franc market can support meaningful volume for high-quality issuers, even when the primary objective is not pricing optimization alone.
The publication also noted that the offering reinforced Thermo Fisher’s strong standing among Swiss franc investors, building on the company’s successful prior engagement with the market in 2024 in an offering where WilmerHale also acted as its U.S. special counsel.
The WilmerHale team advising Thermo Fisher on the offering included Molly Fox, Andrew Langworthy, Rachael Joseph, and Tim Kolankowski (Capital Markets), with assistance from Meghan Walsh and Benjamin Kelsey (Tax).
GlobalCapital is part of Derivia Intelligence, a provider of data, news, analysis, and awards for specialist financial markets. Through its editorial coverage and market intelligence platforms, Derivia serves investment banks, issuers, investors, law firms, rating agencies, technology providers, and regulators involved in the global primary capital markets.