Markus Pfenninger
Dr. iur., LL.M., Attorney at Law
Partner

Markus Pfenninger Markus Pfenninger Markus Pfenninger Markus Pfenninger


Markus Pfenninger is a partner in the Banking & Finance Team. His fields of expertise include capital market transactions, mergers & acquisitions, finance, restructurings, collective investment schemes as well as banking and insurance regulatory matters. He is a member of the International Bar Association’s (IBA) Task Force on the Financial Crisis and a past chair of the IBA’s Subcommittee on Legal Opinions as well as a past co-chair of the IBA’s Banking Law Committee.

Born in 1963, Markus Pfenninger was awarded a Ph.D. from the Law School of the University of Zurich and was admitted to the bar in Zurich in 1991. He received an LL.M. from the Morin Center of Banking Law Studies, Boston University. He has working experience as foreign associate in a Boston financial management company and in a law firm.

Markus Pfenninger speaks German, English and French. He is registered with the Zurich Bar Registry and admitted to practice in all Switzerland.

Contact
Markus Pfenninger
Direct phone: +41 58 658 55 34


Walder Wyss Ltd.
Seefeldstrasse 123
P.O. Box
8034 Zurich
Switzerland
Phone +41 58 658 58 58
Fax +41 58 658 59 59
vCard


Practice Areas

Markus Pfenninger Markus Pfenninger Markus Pfenninger Markus Pfenninger

Markus Pfenninger
Dr. iur., LL.M., Attorney at Law
Partner

Markus Pfenninger is a partner in the Banking & Finance Team. His fields of expertise include capital market transactions, mergers & acquisitions, finance, restructurings, collective investment schemes as well as banking and insurance regulatory matters. He is a member of the International Bar Association’s (IBA) Task Force on the Financial Crisis and a past chair of the IBA’s Subcommittee on Legal Opinions as well as a past co-chair of the IBA’s Banking Law Committee.

Born in 1963, Markus Pfenninger was awarded a Ph.D. from the Law School of the University of Zurich and was admitted to the bar in Zurich in 1991. He received an LL.M. from the Morin Center of Banking Law Studies, Boston University. He has working experience as foreign associate in a Boston financial management company and in a law firm.

Markus Pfenninger speaks German, English and French. He is registered with the Zurich Bar Registry and admitted to practice in all Switzerland.

Markus Pfenninger
Direct phone: +41 58 658 55 34

Walder Wyss Ltd.
Seefeldstrasse 123
P.O. Box
8034 Zurich
Switzerland
Phone +41 58 658 58 58
Fax +41 58 658 59 59


vCard

Practice Areas Publications


Hedge Funds in Switzerland

co-authored by Markus Pfenninger and David Borer
in: Florentino Carreno et al. (Editor[s]), "Hedge Funds, a Practical Global Handbook to the Law and Regulation"
London 2012, pp. 391–372


Hedge Fund Regulierung in der Schweiz und der EU(Hedge fund regulations in Switzerland and the EU)

co-authored by Markus Pfenninger and Nicolas Keller
in: Reutter/Werlen (Editor[s]), "Kapitalmarkttransaktionen VI"
Europa Institut Zürich, Band 115, Zurich 2011, pp. 71–127


Buyback of equity and debt securities in Switzerland

co-authored by Markus Pfenninger and Lukas Wyss
in: "PLC Capital Markets 2011"
London 2011



A survey of current regulatory trends – Chapter on Switzerland

by Markus Pfenninger
in: "The International Bar Association's Task Force on the Financial Crisis" October 2010, pp. 117–150







Kommentar zu Art. 821-826 des Schweizerischen Obligationenrechts(Commentary to Art. 821-826 of the Swiss Code of Obligations)

by Markus Pfenninger
in: "Handkommentar Schweizerisches Obligationenrecht"
Zürich 2009


Basler Kommentar zu Art. 32 des Kollektivanlagegesetzes (KAG)(Commentary to Art. 32 of the Collective Investment Schemes Act, CISA)

co-authored by Thomas Müller and Markus Pfenninger
Basel 2009


Legal Opinion bei Kapitalmarkttransaktionen(Legal Opinion in Capital Market Transactions)

co-authored by Markus Pfenninger
in: "Kapitalmarkttransaktionen IV"
Zürich 2009


Kommentar zu Art. 2, 6, 20, 21–23 Kollektivanlagegesetz (KAG)(Commentary to Art. 2, 6, 20, 21–23 of the Swiss Collective Investment Schemes Act)

by Markus Pfenninger
Basel/Geneva/Munich 2009


Switzerland – Security over Receivables

co-authored by Markus Pfenninger
in: "Security over Receivables – An International Handbook"
Oxford 2008


Kommentar zu Art. 425–439 des schweizerischen Obligationenrechts(Commentary to Art. 425–439 of the Swiss Code of Obligations)

by Markus Pfenninger
in: "Handkommentar zum Schweizer Privatrecht"
Zurich 2007


Security over Book Debts/Receivables

by Markus Pfenninger
in: "Newsletter Banking Law" May 2006



Die Verantwortlichkeit des Anwalts für Third Party Legal Opinions(Liability of Lawyers for Third Party Legal Opinions)

co-authored by Gion Giger and Markus Pfenninger
in: "Schweizerische Zeitschrift für Wirtschafts- und Finanzmarchtrecht (SZW)" 1/2005, pp. 1–12



Kommentar zu Art. 820–823 des Schweizerischen Obligationenrechts(Commentary to Art. 820–823 of the Swiss Code of Obligations)

by Markus Pfenninger
in: "Handkommentar Schweizerisches Obligationenrecht"
Zurich 2002


Kommentar zu Art. 11-13 Anlagefondsgesetz (AFG)(Commentary to Art. 11-13 of the Swiss Investment Fund Act)

by Markus Pfenninger
in: "Kommentar zum schweizerischen Kapitalmarktrecht"
Basel/Genf/München 1999


Recent Developments in the Swiss Securities Market: The establishing of Eurex, the joint derivatives market of the Deutsche Boerse AG and the Swiss Exchange – An Overview

Speakers: Markus Pfenninger
15th Annual Seminar on International Financial Law
Barcelona 10 June 1998


Bank Confidentiality in Switzerland

co-authored by Markus Pfenninger
in: "Butterworths Journal of International Banking and Financial Law" January 1998



Market Manipulation and Stabilization in Switzerland

Speakers: Markus Pfenninger
13th Annual Seminar on International Financial Law
Geneva 1 May 1996


Auslegung von Anleihensbedingungen(An Interpretation of Terms and Conditions of Bonds)

by Markus Pfenninger
Zurich 1995


Ausländische Fonds und das AFG(Foreign funds pursuant to the new Swiss Investment Fund Act)

co-authored by Markus Pfenninger
in: "Invest, Finanz und Wirtschaft, Spezialausgabe: Magazin der Finanz und Wirtschaft" 1995


Chancen und Risiken der Übrigen Fonds – Eine Plattform für Innovationen mit Entwicklungspotential(Chances and risks of selected funds pursuant to the new Swiss Investment Fund Act)

co-authored by Markus Pfenninger
in: "Neue Zürcher Zeitung (NZZ)" 25/1995


Deals and Cases

EUR 750 mio. Hybrid Bond – Swiss Life

Swiss Life Ltd. has successfully issued a EUR 750 million undated subordinated bond, first callable in June 2025. The coupon has been fixed at 4.375% for the first ten years. The proceeds will be used for the refinancing of outstanding subordinated debt and for general corporate purposes.


Walder Wyss acts as legal counsel to Swiss Life Ltd. on this transaction. The Walder Wyss team includes Markus Pfenninger (Banking Finance, Lead Partner), Maurus Winzap (Tax, Partner), Lukas Wyss (Banking Finance, Partner), Alexander Nikitine (Capital Markets, Partner), Ramona Wyss (Banking Finance, Associate), Fabienne Limacher (Tax, Associate) and Valentin Wiesner (Banking Finance, Trainee).


Live Invest Holding AG takes over Skandia Leben AG

Walder Wyss has advised Old Mutual plc on its sale of Skandia Leben AG in Switzerland, part of Old Mutual Wealth, to Life Invest Holding AG, a company owned by the Mutschler Group and Hannover Re on aspects of Swiss law. The transaction is still subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete. The transaction continues Old Mutual Wealth’s commitment to simplify its operations. As at 31 December 2014 Skandia Leben AG in Switzerland had funds under management of CHF 1.3 billion. It made CHF 25 million of pre-tax adjusted operating profit in 2014.

The Walder Wyss team includes Markus Pfenninger (Banking Finance, Partner), Alexander Nikitine (M&A, Capital Markets, Partner), Sarah Schulthess (M&A, Banking Finance, Associate) and  David Hadad (Banking Finance, Associate).

Advice on German law was provided by Allen & Overy.


IXE Group acquires BANCA ARNER

On 28 November 2014, the shareholders in BANCA ARNER SA, Lugano (Arner) and IXE Capital AG, Zurich (IXE) entered into a share purchase agreement pursuant to which IXE purchased all remaining registered shares (equal to 90.2%) in Arner. IXE already holds 9.8% in Arner. The consummation of the share purchase agreement is planned to occur in 2015 upon receipt of the necessary regulatory approvals.

Walder Wyss AG has advised the Sellers and Arner in this transaction. The team has been led by Alexander Nikitine (Managing Associate, Capital Markets, Corporate/M&A) and Markus Pfenninger (Partner, Banking Finance) and further included Davide Jermini (Partner, Banking Finance), Maurus Winzap (Partner, Tax) and Sarah Schulthess (Associate, Capital Markets, Corporate/M&A).


Schaeffler issues high yield bonds

Schaeffler issues high yield bonds with a total volume of approximately EUR 2 billion. Four new bonds in total were issued. In addition to three secured bonds, Schaeffler also issued an unsecured bond for the first time. The bonds, which are subject to New York law, were issued by Schaeffler Finance B.V. and are listed on the Euro MTF market of the Luxembourg Stock Exchange. Standard & Poor's and Moody's have rated the secured bonds at Ba2/BB- and the unsecured tranche at B1/B.

Walder Wyss has advised Schaeffler on the Swiss law aspects of the issue of the bonds. The Walder Wyss team was led by Luc Defferrard (Partner, Banking Finance) and Markus Pfenninger (Partner, Banking Finance), and included Jan H. Hoffmann (Associate, Banking Finance) and Fabian D. Glässer (Trainee, Banking Finance).


IPO of Glarner Kantonalbank

On 24 June 2014, Glarner Kantonalbank listed its shares on the SIX Swiss Exchange. In connection with the IPO, the majority shareholder, the Canton of Glarus, publicly sold a stake of approx. 30% in the company stemming from newly issued shares. The IPO issue price was set at CHF 17.50 per share. The market capitalisation of Glarner Kantonalbank amounts to approx. CHF 200 mio. Zürcher Kantonalbank acts as Lead Manager in connection with the IPO.

Walder Wyss AG has advised the issuer Glarner Kantonalbank in this transaction. The team has been led by Alexander Nikitine (Managing Associate, Capital Markets, Corporate/M&A) and Markus Pfenninger (Partner, Banking Finance) and further included Sarah Schulthess (Associate, Capital Markets, Corporate/M&A), Dominik Hohler (Associate, Corporate/M&A), Fabienne Claudon (Associate, Corporate/M&A), Thomas Meister (Partner, Tax), Janine Corti (Associate, Tax), Simone Dobler (IP/IT) and Andreas Baeckert (Trainee, Banking Finance).

Within a few months, Walder Wyss AG was advising on two IPOs as counsel to the issuer (Cembra Money Bank, 2013; Glarner Kantonalbank, 2014).


Curriculum Vitae PDF