Switzerland: bonds

The Swiss bond market has three main characterizing features. Firstly, its growth rate is among the lowest internationally. The volume of outstanding bonds worldwide is rising steadily and sharply. Bond markets are showing especially strong momentum in some emerging economies such as China and India. The total capitalization of the Swiss market at the end of 2010 was over CHF 570 billion. This equates to 115% of gross domestic product (GDP) and is thus in line with the average for bond markets in developed economies.
Secondly, in contrast to many other developed economies, the market for non-public borrowers in Switzerland is much bigger than the public capital market. The volume of outstanding Confederation bonds relative to the overall economy has fallen continually over the past five years. This reflects the circumspect financial policies of the federal, cantonal and local authorities.
Thirdly, foreign issuers account for a greater share of the market than their Swiss counterparts. Most other bond markets are dominated by domestic paper. The market capitalization of foreign borrowers has exceeded that of domestic issuers for years.
Furthermore, the vast majority of CHF bonds are traded on the SIX Swiss Exchange, whereas most trading in other countries is conducted over the counter. Switzerland’s bond market also stands out thanks to the above-average credit ratings of its borrowers.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
CHF 39 82 235 524 000
municipal
CHF 182 34 700 000 000
corporate
CHF 821 231 230 210 000
USD 188 140 889 158 460
EUR 141 72 892 282 000
GBP 18 5 860 000 000
RUR 14 10 629 255 000
AUD 13 4 501 220 000
SEK 4 1 875 000 000
NOK 3 630 000 000
SGD 2 775 000 000
JPY 2 142 100 000 000
CAD 2 550 000 000
ITL 1 2 500 000 000 000
PLN 1 120 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Switzerland, Bills 13apr2017 3m - Domestic bonds CH0036182092 0% 464 600 000  CHF 01/10/2017 04/13/2017
Banque Cantonale de Fribourg, 0.3% 17feb2027, CHF - Domestic bonds CH0347082809 0.3% 200 000 000  CHF 01/05/2017 02/17/2027
Zuercher Kantonalbank, 0.25% 27jan2026, CHF - Domestic bonds CH0347082783 0.25% 345 000 000  CHF 01/05/2017 01/27/2026
Credit Suisse, 3.574% 9jan2023, USD - International bonds USH3698DAQ72 3.574% 1 750 000 000  USD 01/04/2017 01/09/2023
Credit Suisse, 4.282% 9jan2028, USD - International bonds USH3698DAR55 4.282% 2 250 000 000  USD 01/04/2017 01/09/2028
St. Galler Kantonalbank, 0.625% 23jan2032, CHF - Domestic bonds CH0352419615 0.625% 255 000 000  CHF 01/04/2017 01/23/2032
Switzerland, Bills 4jan2018 12m - Domestic bonds CH0036182084 0% 446 700 000  CHF 01/03/2017 01/04/2018
Switzerland, Bills 30mar2017 3m - Domestic bonds CH0036182076 0% 385 350 000  CHF 12/27/2016 03/30/2017
Switzerland, Bills 23mar2017 3m - Domestic bonds CH0036182068 0% 433 800 000  CHF 12/20/2016 03/23/2017
Pfandbriefbank schweizerischer Hypothekarinstitute, 0.25% 5aug2026, CHF - Domestic bonds CH0310175564 0.25% 625 000 000  CHF 12/13/2016 08/05/2026

Exchange Bond Indices

Daily indices

Type: 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
Swiss Bond Indices
SBI Domestic Government AAA-BBB Total Return   225.98 225.55 226.24 225.91 225.43 225.29 224.68
SBI Domestic Government AAA-BBB Price 112.67 112.46 112.82 112.66 112.42 112.36 112.07
SBI Domestic Government AAA-BBB Yield 0.04 0.06 0.03 0.04 0.06 0.06 0.09
SBI Domestic Government AAA-BBB Duration 11.87 11.87 11.91 11.89 11.87 11.86 11.85
SBI Foreign Government AAA-BBB Total Return  134.42 134.33 134.42 134.36 134.30 134.23 134.14
SBI Foreign Government AAA-BBB Price 108.70 108.65 108.73 108.68 108.64 108.59 108.53
SBI Foreign Government AAA-BBB Yield -0.07 -0.06 -0.07 -0.06 -0.06 -0.05 -0.03
SBI Foreign Government AAA-BBB Duration 5.42 5.43 5.43 5.43 5.43 5.43 5.44
SBI Foreign Government AAA-AA Total Return  136.58 136.48 136.59 136.51 136.43 136.36 136.25
SBI Foreign Government AAA-AA Price 110.94 110.87 110.97 110.91 110.85 110.79 110.73
SBI Foreign Government AAA-AA Yield -0.07 -0.06 -0.07 -0.06 -0.05 -0.04 -0.03
SBI Foreign Government AAA-AA Duration 5.85 5.85 5.86 5.86 5.86 5.86 5.87
SBI Foreign Government AAA-A Total Return  133.81 133.72 133.82 133.75 133.68 133.61 133.51
SBI Foreign Government AAA-A Price 108.38 108.32 108.40 108.35 108.30 108.25 108.19
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World Bond Market Indicators

Daily indices

Type: 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017 01/05/2017
Treasuries
Swiss 10Y YTM  -0.19 -0.20 -0.17 -0.16 -0.15 -0.16 -0.16
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World Bond market statistics

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Domestic govt Bonds markets (Western Europe)
Switzerland govt Bonds outst., EUR bln (without Bills) 68.58 67.54 67.22 69.19 68.50 69.35 68.79
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Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
BIS volume of internetional-bond market of developed countries
Swiss international bonds, USD bln 57.500 56.800 55.600 55.600 57.000 53.900 49.700
BIS net issues of internetional-bond market of developed countries
International-bond net issue of Switzerland, USD bln 0.500 1.200 -1.400 -0.700 3.400 3.300 0.044

New issues of Developed markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (Switzerland), USD bln 0.000 1.754 7.432 3.763 3.232 3.354 4.765
Number of new international bond issues (Switzerland) 0 4 10 4 5 4 4
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Developed Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
International bonds Developed Markets
Switzerland corporate international bonds, USD bln 180.912 185.203 187.588 192.204 188.958 194.684 192.076
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Money market

Daily indices

Type: 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017 01/05/2017
IRS CHF (Annual Fixed vs 6M Libor)
IRS CHF 2Y vs 6M Libor mid -0.6312 -0.6293 -0.6278 -0.6194 -0.6273 -0.6205 -0.6272
IRS CHF 3Y vs 6M Libor mid -0.5559 -0.5546 -0.5537 -0.5441 -0.5505 -0.5402 -0.5481
IRS CHF 5Y vs 6M Libor mid -0.3527 -0.3560 -0.3529 -0.3451 -0.3452 -0.3276 -0.3373
IRS CHF 10Y vs 6M Libor mid 0.1184 0.1019 0.1191 0.1247 0.1307 0.1532 0.1417
IRS CHF 30Y vs 6M Libor mid 0.5903 0.5678 0.5824 0.5880 0.5966 0.6229 0.6147
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Risk Management Institute

Daily indices

Type: 01/13/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017 01/05/2017 01/04/2017
RMI CVI - Europe
Switzerland CVI value weighted  7.30 7.24 7.21 7.23 7.25 7.28 7.32
Switzerland CVI tail  116.78 108.54 120.16 118.85 113.87 115.55 117.84
Switzerland CVI equally weighted  39.31 38.83 38.99 39.44 39.87 39.84 40.35
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
ABB, 1.625% 8may2017, USD   USD 05/08/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
ABB, 2.5% 15jun2016, USD   USD 06/15/2016 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
ABB, 2.625% 26mar2019, EUR   EUR 03/26/2019 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
ABB, 2.875% 8may2022, USD   USD 05/08/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.*
ABB, 4% 15jun2021, USD   USD 06/15/2021 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
ABB, 4.375% 8may2042, USD   USD 05/08/2042 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
ACE, 3.35% 15may2024, USD   USD 05/15/2024 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
ACE, 5.7% 15feb2017, USD   USD 02/15/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Adecco, 1.5% 22nov2022, EUR   EUR 11/22/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Adecco, 2.75% 15nov2019, EUR   EUR 11/15/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Adecco, 4.75% 13apr2018, EUR   EUR 04/13/2018 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Allied World Assurance, 4.35% 29oct2025, USD   USD 10/29/2025 05/18/2016 **.** *.** 05/18/2016 ***.*** *.**
Allied World Assurance, 5.5% 15nov2020, USD   USD 11/15/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Allied World Assurance, 7.5% 1aug2016, USD   USD 08/01/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Aryzta, 4.5% perp., EUR   EUR 05/18/2016 **.*** * 05/18/2016 **.*** *
Clariant AG, 5.625% 24jan2017, EUR   EUR 01/24/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Credit Suisse, 0.375% 11apr2019, EUR   EUR 04/11/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Credit Suisse, 0.625% 21aug2020, CHF   CHF 08/21/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Credit Suisse, 0.75% 17sep2021, EUR   EUR 09/17/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Credit Suisse, 1% 12mar2019, EUR   EUR 03/12/2019 05/18/2016 ***.** -* 05/18/2016 ***.*** -*.**
Credit Suisse, 1.25% 14apr2022, EUR   EUR 04/14/2022 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Credit Suisse, 1.5% 10apr2026, EUR   EUR 04/10/2026 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Credit Suisse, 1.75% 15jan2021, EUR   EUR 01/15/2021 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Credit Suisse, 2.125% 18jan2017, EUR (ABS)   EUR 01/18/2017 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
Credit Suisse, 2.25% 15jul2039, EUR   EUR 07/15/2039 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.*
Credit Suisse, 2.6% 27may2016, USD   USD 05/27/2016 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Credit Suisse, 2.75% 26mar2020, USD   USD 03/26/2020 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
Credit Suisse, 2.875% 18oct2018, EUR (ABS)   EUR 10/18/2018 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
Credit Suisse, 3% 27may2022, GBP   GBP 05/27/2022 05/18/2016 **.*** *.** 05/18/2016 ***.**** *.**
Credit Suisse, 3.125% 10dec2020, USD   USD 12/10/2020 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
Credit Suisse, 3.45% 16apr2021, USD   USD 04/16/2021 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Credit Suisse, 3.45% 16apr2021, USD   USD 04/16/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Credit Suisse, 3.75% 26mar2025, USD   USD 03/26/2025 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Credit Suisse, 3.75% 26mar2025, USD   USD 03/26/2025 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Credit Suisse, 3.8% 15sep2022, USD   USD 09/15/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Credit Suisse, 3.8% 15sep2022, USD   USD 09/15/2022 05/18/2016 ***.** *.* 05/18/2016 ***.** *.*
Credit Suisse, 4.55% 17apr2026, USD   USD 04/17/2026 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Credit Suisse, 4.55% 17apr2026, USD   USD 04/17/2026 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Credit Suisse, 4.875% 15may2045, USD   USD 05/15/2045 05/18/2016 **.*** * 05/18/2016 ***.*** *.*
Credit Suisse, 5.75% 18sep2025, EUR   EUR 09/18/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Credit Suisse, 5.86% perp., USD   USD 05/18/2016 ***.** * 05/18/2016 *** *
Credit Suisse, 6.25% perp., USD   USD 05/18/2016 **.** * 05/18/2016 **.** *
Credit Suisse, 6.5% 8aug2023, USD   USD 08/08/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Credit Suisse, 7.5% perp., USD   USD 05/18/2016 ***.** * 05/18/2016 ***.** *
Credit Suisse, 7.875% 24feb2041, USD   USD 02/24/2041 05/18/2016 ***.** * 05/18/2016 ***.** *
Credit Suisse, FRN 16apr2021, USD   USD 04/16/2021 05/18/2016 ***.** * 05/18/2016 ***.** *
Credit Suisse, FRN 18jun2018, EUR   EUR 06/18/2018 05/18/2016 ***.** * 05/18/2016 ***.*** *
Credit Suisse, FRN 30mar2024, EUR   EUR 03/30/2024 05/18/2016 **.** * 05/18/2016 *
Dufry Ag, 4.5% 15jul2022, EUR   EUR 07/15/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Dufry Ag, 4.5% 1aug2023, EUR   EUR 08/01/2023 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Eden Springs, 8% 15apr2019, EUR   EUR 04/15/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Eden Springs, FRN 15apr2019, EUR   EUR 04/15/2019 05/18/2016 **.** * 05/18/2016 **.** *
Eurofima, 0.25% 25apr2023, EUR   EUR 04/25/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Eurofima, 1.75% 29may2020, USD   USD 05/29/2020 05/18/2016 ***.** *.** 05/18/2016 *** *.**
Eurofima, 4% 27oct2021, EUR   EUR 10/27/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Eurofima, 4.375% 21oct2019, EUR   EUR 10/21/2019 05/18/2016 ***.*** -*.** 05/18/2016 ***.** -*.**
Eurofima, 5% 3apr2017, USD   USD 04/03/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Eurofima, 5.625% 24oct2016, AUD   AUD 10/24/2016 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Eurofima, FRN 13apr2017, USD   USD 04/13/2017 05/18/2016 **.** *.* 05/18/2016 ***.** -*.*
Geberit, 0.688% 30mar2021, EUR   EUR 03/30/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Glencore, 1.25% 1dec2020, CHF   CHF 12/01/2020 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Glencore, 1.625% 18jan2022, EUR   EUR 01/18/2022 05/18/2016 **.** *.** 05/18/2016 ** *.**
Glencore, 2.75% 1apr2021, EUR   EUR 04/01/2021 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Glencore, 3.75% 1apr2026, EUR   EUR 04/01/2026 05/18/2016 **.* *.* 05/18/2016 **.** *.**
Glencore, 4.5% 19sep2019, AUD   AUD 09/19/2019 05/18/2016 **.* *.** 05/18/2016 **.** *.*
Glencore, 4.95% 15nov2021, USD   USD 11/15/2021 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Glencore, 5.3% 25oct2042, USD   USD 10/25/2042 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Glencore, 5.5% 3apr2022, GBP   GBP 04/03/2022 05/18/2016 **.*** *.** 05/18/2016 ***.* *.**
Glencore, 6.2% 15jun2035, USD   USD 06/15/2035 05/18/2016 ** *.** 05/18/2016 ** *.**
Glencore, 6.5% 27feb2019, GBP   GBP 02/27/2019 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Glencore International AG, 1.25% 17mar2021, EUR   EUR 03/17/2021 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Glencore International AG, 1.7% 27may2016, USD   USD 05/27/2016 05/18/2016 **.** *.** 05/18/2016 ***.** *.*
Glencore International AG, 1.75% 17mar2025, EUR   EUR 03/17/2025 05/18/2016 **.* *.** 05/18/2016 **.* *.*
Glencore International AG, 2.5% 15jan2019, USD   USD 01/15/2019 05/18/2016 **.** *.** 05/18/2016 ** *.**
Glencore International AG, 3.375% 30sep2020, EUR   EUR 09/30/2020 05/18/2016 **.* *.** 05/18/2016 ***.* *.**
Glencore International AG, 4.125% 30may2023, USD   USD 05/30/2023 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Glencore International AG, 4.125% 3apr2018, EUR   EUR 04/03/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Glencore International AG, 5.25% 22mar2017, EUR   EUR 03/22/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Glencore International AG, FRN 27may2016, USD   USD 05/27/2016 05/18/2016 **.** * 05/18/2016 ***.** *
Ineos, 0.75% 30jul2019, EUR   EUR 07/30/2019 05/18/2016 ***.** -*.** 05/18/2016 *** -*.**
Ineos, 4% 1may2023, EUR (ABS)   EUR 05/01/2023 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
Ineos, 5.75% 15feb2019, EUR   EUR 02/15/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Ineos, 6.125% 15aug2018, USD   USD 08/15/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Ineos, 6.5% 15aug2018, EUR   EUR 08/15/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
LafargeHolcim, 2.625% 7sep2020, EUR   EUR 09/07/2020 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
LafargeHolcim, 3% 22jan2024, EUR   EUR 01/22/2024 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
LafargeHolcim, 4.75% 23mar2020, EUR   EUR 03/23/2020 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
LafargeHolcim, 4.75% 30sep2020, EUR   EUR 09/30/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 5% 13apr2018, EUR   EUR 04/13/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 5.375% 26jun2017, EUR   EUR 06/26/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.*
LafargeHolcim, 5.375% 29nov2018, EUR   EUR 11/29/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 5.5% 16dec2019, EUR   EUR 12/16/2019 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
LafargeHolcim, 5.875% 9jul2019, EUR   EUR 07/09/2019 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
LafargeHolcim, 6.00% 30dec2019, USD   USD 12/30/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 6.5% 12sep2043, USD   USD 09/12/2043 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 6.5% 15jul2016, USD   USD 07/15/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 6.625% 29nov2017, GBP   GBP 11/29/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 7.125% 15jul2036, USD   USD 07/15/2036 05/18/2016 * 05/18/2016 ***.*** *.*
LafargeHolcim, 7.25% 29jun2017, EUR   EUR 06/29/2017 05/18/2016 ***.**** *.** 05/18/2016 ***.**** -*.**
LafargeHolcim, 7.625% 24nov2016, EUR   EUR 11/24/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 8.75% 24apr2017, GBP   GBP 04/24/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
LafargeHolcim, 8.75% 30may2017, GBP   GBP 05/30/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Matterhorn, 3.625% 1may2022, CHF (ABS)   CHF 05/01/2022 05/18/2016 **.* *.* 05/18/2016 **.* *.**
Matterhorn, 3.875% 1may2022, EUR (ABS)   EUR 05/01/2022 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Matterhorn, 4.875% 1may2023, EUR   EUR 05/01/2023 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Matterhorn, FRN 1may2022, EUR (ABS)   EUR 05/01/2022 05/18/2016 **.** * 05/18/2016 **.** *
Nestle Holdings, 0.75% 16may2023, EUR   EUR 05/16/2023 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Nestle Holdings, 0.75% 17oct2016, EUR   EUR 10/17/2016 05/18/2016 ***.*** -*.** 05/18/2016 ***.** -*.**
Nestle Holdings, 0.75% 8nov2021, EUR   EUR 11/08/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Nestle Holdings, 1.25% 4may2020, EUR   EUR 05/04/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.** -*.**
Nestle Holdings, 1.5% 19jul2019, EUR   EUR 07/19/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Nestle Holdings, 1.75% 12sep2022, EUR   EUR 09/12/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Nestle Holdings, 1.75% 9dec2020, GBP   GBP 12/09/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Nestle Holdings, 2% 30sep2019, USD   USD 09/30/2019 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Nestle Holdings, 2.0% 28nov2016, USD   USD 11/28/2016 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Nestle Holdings, 2.125% 10sep2021, EUR   EUR 09/10/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Nestle Holdings, 2.25% 30nov2023, GBP   GBP 11/30/2023 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Nestle Holdings, 4% 13oct2017, AUD   AUD 10/13/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Nestle Holdings, 4.625% 29mar2017, AUD   AUD 03/29/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Novartis, 0.75% 9nov2021, EUR   EUR 11/09/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Novartis, 1.625% 9nov2026, EUR   EUR 11/09/2026 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Novartis, 2.4% 21sep2022, USD   USD 09/21/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Novartis, 3.4% 6may2024, USD   USD 05/06/2024 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Novartis, 3.7% 21sep2042, USD   USD 09/21/2042 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Novartis, 4.25% 15jun2016, EUR   EUR 06/15/2016 05/18/2016 ***.** *.* 05/18/2016 ***.** -*.**
Novartis, 4.4% 24apr2020, USD   USD 04/24/2020 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Novartis, 4.4% 6may2044, USD   USD 05/06/2044 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Novartis, 5.125% 10feb2019, USD   USD 02/10/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Onex Wizard Acquisition Co. III, 7.75% 15feb2023, EUR   EUR 02/15/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Puma Energy Holdings, 4.5% 22oct2022, EUR   EUR 10/22/2022 05/18/2016 **.**** *.** 05/18/2016 **.**** *.**
Puma Energy Holdings, 6.75% 1feb2021, USD   USD 02/01/2021 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
Roche Holding AG, 0.875% 25feb2025, EUR   EUR 02/25/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Roche Holding AG, 1.35% 29sep2017, USD   USD 09/29/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Roche Holding AG, 2% 13mar2020, USD   USD 03/13/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Roche Holding AG, 2% 25jun2018, EUR   EUR 06/25/2018 05/18/2016 ***.*** -*.** 05/18/2016 ***.* -*.**
Roche Holding AG, 2.25% 30sep2019, USD   USD 09/30/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Roche Holding AG, 2.875% 29sep2021, USD   USD 09/29/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Roche Holding AG, 3.35% 30sep2024, USD   USD 09/30/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Roche Holding AG, 4% 28nov2044, USD   USD 11/28/2044 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Roche Holding AG, 6.5% 4mar2021, EUR   EUR 03/04/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Roche Holding AG, 7% 1mar2039, USD   USD 03/01/2039 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Selecta, 6.5% 15jun2020, CHF   CHF 06/15/2020 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Selecta, 6.5% 15jun2020, EUR   EUR 06/15/2020 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Sunrise Communications, 2.125% 31mar2022, CHF   CHF 03/31/2022 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Swiss Life, 4.375% perp., EUR   EUR 05/18/2016 **.*** * 05/18/2016 **.** *
Swiss Re, 2.6% perp., EUR   EUR 05/18/2016 **.** * 05/18/2016 **.** *
Swiss Re, 4.5% 11sep2044, USD   USD 09/11/2044 05/18/2016 **.** * 05/18/2016 **.** *
Swiss Re, 6.854% perp., USD   USD 05/18/2016 *** * 05/18/2016 ***.** *
Swisscom, 1.75% 15sep2025, EUR   EUR 09/15/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *
Swisscom, 1.875% 8sep2021, EUR   EUR 09/08/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Swisscom, 2.0% 30sep2020, EUR   EUR 09/30/2020 05/18/2016 ***.*** *.* 05/18/2016 ***.*** *.**
Swissport International Ltd, 6.75% 15dec2021, EUR   EUR 12/15/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Swissport International Ltd, 9.75% 15dec2022, EUR   EUR 12/15/2022 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Syngenta, 0.75% 1nov2019, CHF   CHF 11/01/2019 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Syngenta, 1.25% 10sep2027, EUR   EUR 09/10/2027 05/18/2016 **.** * 05/18/2016 **.** *.**
Syngenta, 1.625% 1nov2024, CHF   CHF 11/01/2024 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Syngenta, 1.875% 2nov2021, EUR   EUR 11/02/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Syngenta, 2.125% 1nov2029, CHF   CHF 11/01/2029 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Syngenta, 3.125% 28mar2022, USD   USD 03/28/2022 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Syngenta, 4.375% 28mar2042, USD   USD 03/28/2042 05/18/2016 * 05/18/2016 ** *.**
Syngenta, FRN 2oct2017, EUR   EUR 10/02/2017 05/18/2016 **.*** * 05/18/2016 ***.** *
Transocean, 2.5% 15oct2017, USD   USD 10/15/2017 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Transocean, 3.8% 15oct2022, USD   USD 10/15/2022 05/18/2016 **.* **.* 05/18/2016 **.** **.**
Transocean, 5.05% 15dec2016, USD   USD 12/15/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Transocean, 6% 15mar2018, USD   USD 03/15/2018 05/18/2016 ** *.** 05/18/2016 ** *.**
Transocean, 6.375% 15dec2021, USD   USD 12/15/2021 05/18/2016 ** **.** 05/18/2016 **.** **.**
Transocean, 6.5% 15nov2020, USD   USD 11/15/2020 05/18/2016 **.*** **.** 05/18/2016 ** **.**
Transocean, 6.8% 15mar2038, USD   USD 03/15/2038 05/18/2016 **.* **.** 05/18/2016 **.** **.**
Transocean, 7.35% 15dec2041, USD   USD 12/15/2041 05/18/2016 **.*** **.** 05/18/2016 **.*** *.**
Transocean, 7.45% 15apr2027, USD   USD 04/15/2027 05/18/2016 ** **.* 05/18/2016 **.** **.**
Transocean, 7.5% 15apr2031, USD   USD 04/15/2031 05/18/2016 ** **.** 05/18/2016 **.** **.**
Tyco, 1.375% 25feb2025, EUR   EUR 02/25/2025 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
Tyco, 2.35% 1aug2019, USD   USD 08/01/2019 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Tyco, 3.45% 1aug2024, USD   USD 08/01/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Tyco, 3.5% 3feb2022, USD   USD 02/03/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Tyco, 3.9% 14feb2026, USD   USD 02/14/2026 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Tyco, 5.125% 14sep2045, USD   USD 09/14/2045 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Tyco, 6.55% 1oct2017, USD   USD 10/01/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
UBS, 0.75% 22feb2022, CHF   CHF 02/22/2022 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
UBS, 1.25% 23feb2026, CHF   CHF 02/23/2026 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
UBS, 1.375% 16apr2021, EUR   EUR 04/16/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
UBS, 2.125% 4mar2024, EUR   EUR 03/04/2024 05/18/2016 ***.** *.** 05/18/2016 ***.* *.*
UBS, 2.95% 24sep2020, USD   USD 09/24/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
UBS, 3% 15apr2021, USD   USD 04/15/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
UBS, 4.125% 15apr2026, USD   USD 04/15/2026 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
UBS, 4.125% 24sep2025, USD   USD 09/24/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
UBS, 4.75% 7jun2017, EUR   EUR 06/07/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** -*
UBS, 5.25% 21jun2021, GBP   GBP 06/21/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
UBS, 6.375% 19nov2024, GBP   GBP 11/19/2024 05/18/2016 ***.*** * 05/18/2016 ***.*** *
UBS, 7.152% perp., EUR   EUR 05/18/2016 ***.* * 05/18/2016 ***.* *
UBS, 7.25% 22feb2022, USD   USD 02/22/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
UBS, 8.75% 18dec2025, GBP   GBP 12/18/2025 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
UBS, FRN 14apr2021, USD   USD 04/14/2021 05/18/2016 ***.** * 05/18/2016 ***.** *
UBS Group, 0% 29jan2027, ITL (10957D)   ITL 01/29/2027 05/18/2016 **.** *.** 05/18/2016 **.* *.**
UBS Group, 5% 28sep2016, EUR   EUR 09/28/2016 05/18/2016 ***.* * 05/18/2016 ***.* *
UBS Group, 7% 6jul2017, EUR   EUR 07/06/2017 05/18/2016 ***.** * 05/18/2016 ***.** *
VistaJet Holding, 7.75% 01jun2020   USD 06/01/2020 05/18/2016 **.* **.** 05/18/2016 **.*** *.**
Weatherford International, 4.5% 15apr2022, USD   USD 04/15/2022 05/18/2016 **.** **.* 05/18/2016 **.** *.**
Weatherford International, 5.125% 15sep2020, USD   USD 09/15/2020 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Weatherford International, 5.95% 15apr2042, USD   USD 04/15/2042 05/18/2016 **.** **.** 05/18/2016 **.** **.*
Weatherford International, 6% 15mar2018, USD   USD 03/15/2018 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Weatherford International, 6.35% 15jun2017, USD   USD 06/15/2017 05/18/2016 ** *.** 05/18/2016 **.** *.**
Weatherford International, 6.5% 1aug2036, USD   USD 08/01/2036 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Weatherford International, 6.75% 15sep2040, USD   USD 09/15/2040 05/18/2016 **.* **.** 05/18/2016 **.** **.**
Weatherford International, 7% 15mar2038, USD   USD 03/15/2038 05/18/2016 ** **.** 05/18/2016 **.* **.*
Weatherford International, 9.625% 1mar2019, USD   USD 03/01/2019 05/18/2016 ** **.** 05/18/2016 **.* **.**
Weatherford International, 9.875% 1mar2039, USD   USD 03/01/2039 05/18/2016 **.** **.** 05/18/2016 **.* **.**
Xstrata, 1.5% 19may2016, EUR   EUR 05/19/2016 05/18/2016 *** *.** 05/18/2016 ***.** -**.**
Xstrata, 2.375% 19nov2018, EUR   EUR 11/19/2018 05/18/2016 **.** *.* 05/18/2016 **.*** *.**
Xstrata, 2.45% 25oct2017, USD   USD 10/25/2017 05/18/2016 **.* *.** 05/18/2016 **.*** *.**
Xstrata, 3.6% 15jan2017, USD   USD 01/15/2017 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Xstrata, 4% 25oct2022, USD   USD 10/25/2022 05/18/2016 ** *.** 05/18/2016 **.** *.**
Xstrata, 5.25% 13jun2017, EUR   EUR 06/13/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Xstrata, 5.5% 15jun2017, USD   USD 06/15/2017 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Xstrata, 5.8% 15nov2016, USD   USD 11/15/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Xstrata, 7.375% 27may2020, GBP   GBP 05/27/2020 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Zurich Cantonal Bank, 2.625% 15jun2027, EUR   EUR 06/15/2027 05/18/2016 ** * 05/18/2016 **.** *
Zurich Insurance Company, 1.75% 16sep2024, EUR   EUR 09/16/2024 05/18/2016 ***.** *.** 05/18/2016 *** *.**
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