Sika places €1B hybrid bond, one of Switzerland's largest post-IPO debt deals
What's the deal? SikaDealroom has a profile for this one. Try Dealroom →, the Swiss specialty chemicals company, has placed an inaugural €1 billion hybrid capital bond, split into two €500 million tranches. Citigroup acted as global coordinator, with BofA SecuritiesDealroom has a profile for this one. Try Dealroom →, Citigroup, and UBS Investment BankDealroom has a profile for this one. Try Dealroom → as active bookrunners. The bonds will be listed on Euronext DublinDealroom has a profile for this one. Try Dealroom →.
The details: The first tranche carries a 4.375% coupon with a first call date of February 26, 2032, priced to yield 4.500%. The second carries a 4.875% coupon callable from February 26, 2035, yielding 5.000%. The structure is designed to receive 50% equity treatment from S&PDealroom has a profile for this one. Try Dealroom →.
What's the money for? Net proceeds will fund general corporate purposes, including bolt-on acquisitions and refinancing existing debt. The transaction underlines Sika's commitment to its A- issuer rating from S&P, which revised its outlook from negative to stable on August 17, 2026.
By the numbers: In 2025, Sika's 33,700 employees generated annual sales of CHF 11.20 billion. It operates subsidiaries in 103 countries and produces in over 400 factories, supplying systems for bonding, sealing, reinforcing, and protection across construction and industry.
Why it stands out: At €1 billion, this ranks among the largest post-IPO debt raises on record for a Swiss media and industrials issuer — in the 99th percentile of comparable deals.
The signal: Hybrid bonds let companies raise sizeable capital while limiting the hit to their credit ratings, thanks to the partial equity treatment agencies assign them. Sika's move — timed alongside a stabilised outlook — points to an acquisitive scaleup phase funded through debt rather than fresh equity.
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