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 US$10.3B. 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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