Swiss Reinsurance Company Ltd successfully placed USD 750,000,000 Perpetual Subordinated Notes with Stock Settlement (the "Notes") through a repacking vehicle. The Notes and the underlying loan instruments provide for an innovative stock settlement any time at market or at a floor price if the minimum solvency margin has been breached. BNP Paribas, Deutsche Bank AG, London Branch, HSBC Bank plc, J.P. Morgan Securities Ltd. and Merrill Lynch International acted as joint lead managers and Commonwealth Bank of Australia, Mitsubishi UFJ Securities International plc, Nordea Bank Danmark A/S and RBC Europe Limited as co-managers. Niederer Kraft & Frey acted as legal advisor to the Managers. The team comprised Marco Häusermann (lead), Markus Kronauer (Tax) and Andrea Huber (Regulatory).

The new company is an innovative and unique provider of information and financial services, which offers independent online financial and economic information services and online banking and transaction services supported by personal savings, investment and pension advisory services. The NKF team consisted of Andreas Casutt (corporate / M&A), Sandro Abegglen (banking / regulatory) and Manuel Werder (corporate / M&A).

Niederer Kraft & Frey has advised Credit Suisse as Arranger and Lead Manager in relation to the securitisation of a revolving portfolio of auto lease assets originated in Switzerland by GE Money Bank (GEMB). GEMB is part of GE Capital, GE's global financing solutions provider. The portfolio has been partly refinanced through the issuance of CHF 200 million AAA-rated and SIX-listed bonds by special purpose company Swiss Auto Lease 2012-1 GmbH, a first time issuer.

The transaction represents the first Swiss domestic securitisation refinanced through SIX Swiss Exchange listed bonds issued by a Swiss special purpose company.

The NKF team consisted of Philippe Weber, Daniel Bono and Andrea Huber.