Loyens & Loeff advised Novartis on the issuance of 1.85 billion euros first healthcare industry sustainability-linked notes
Loyens & Loeff Luxembourg S.à r.l is proud to have assisted Novatis with the issuance of the first healthcare industry sustainability-linked notes and the first incorporating social targets.

Novartis, a global healthcare company based in Switzerland, reinforced its commitment to environmental social governance and patient access to treatments in developing countries through the issuance of the first healthcare industry sustainability-linked notes. Interest payments will rise annually if Novartis fails to expand access to medicines and to increase by 50% the access to its programmes to combat malaria and leprosy in a number of lower middle income countries in accordance with its 2025 Patient Access Targets.
The offering of the EUR 1.850.000.000 0.000% notes due 2028 was made through the group’s Luxembourg subsidiary, Novartis Finance S.A., guaranteed by Novartis AG and coordinated by Barclays Bank Plc, HSBC Bank Plc, J.P. Morgan Securities Plc and Société Générale as joint lead managers. The notes are expected to be listed in accordance with the Standard for bonds on SIX Swiss Exchange.
Loyens & Loeff acted as Luxembourg legal and tax adviser to Novartis alongside Mayer Brown International (acting as English law advisors) and Bär & Karrer AG (acting as Swiss law advisors). The Loyens & Loeff team was led by capital markets lawyers Cédric Raffoul (Partner) and Sixtine Auguet (associate) with support of Willem Bon (Partner) and Nadège Le Gouellec (Counsel), for the tax and transfer pricing aspects, and of banking and finance lawyer from the Zürich office Judith Raijmakers (Partner).
Cédric Raffoul
Local partner Attorney at law / Avocat à la CourCédric Raffoul, local partner, is a member of the Banking & Finance Practice Group in our Luxembourg office. He focuses on securities law and capital markets regulation.
T: +352 466 230 415 E: cedric.raffoul@loyensloeff.comSixtine Auguet
Associate Attorney at law / Avocat à la CourSixtine Auguet, associate, is a member of the Banking & Finance Practice Group in our Luxembourg office. She focuses on capital markets transactions.
T: +352 466 230 285 E: sixtine.auguet@loyensloeff.comWillem Bon
Partner Tax AdviserWillem Bon, partner, is a member of the Tax Practice Group in our Luxembourg office. He focuses on cross-border tax issues, advising mainly multinational enterprises, investment funds, as well as wealthy individuals and families.
T: +352 466 230 214 E: willem.bon@loyensloeff.comJudith Raijmakers
Partner Attorney at lawJudith Raijmakers, attorney at law, is a partner in our Zurich and Luxembourg offices. She focuses on finance transactions including acquisition financing, asset financing, real estate and transportation financing, debt (re)structuring and debt issuances.
T: +41 43 434 67 24 M: +41 79 870 91 03 E: judith.raijmakers@loyensloeff.comNadège Le Gouellec
Counsel Attorney at LawNadège Le Gouellec, counsel, is a member of the Tax Practice Group in our Luxembourg office. She focuses on the tax structure of companies and equity funds in Luxembourg.
T: +352 466 230 231 E: nadege.le.gouellec@loyensloeff.com