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 38 83 947 589 000
municipal
CHF 183 34 335 000 000
corporate
CHF 828 234 801 400 000
USD 185 138 185 150 930
EUR 132 72 033 782 000
GBP 17 5 560 000 000
RUR 14 10 064 800 000
AUD 11 3 876 220 000
NOK 3 630 000 000
SGD 2 775 000 000
SEK 2 1 500 000 000
CAD 2 550 000 000
JPY 2 142 100 000 000
ITL 1 2 500 000 000 000

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 20jul2017 3m - Domestic bonds CH0036182233 0% 477 000 000  CHF 04/18/2017 07/20/2017
Pfandbriefzentrale der schweizerischen Kantonalbanken, 0.5% 20oct2023, CHF - Domestic bonds CH0263432970 0.5% 740 000 000  CHF 04/13/2017 10/20/2023
Pfandbriefzentrale der schweizerischen Kantonalbanken, 0.625% 16jul2029, CHF - Domestic bonds CH0273485398 0.625% 464 000 000  CHF 04/13/2017 07/16/2029
Pfandbriefzentrale der schweizerischen Kantonalbanken, 0.25% 21may2025, CHF - Domestic bonds CH0344583791 0.25% 761 000 000  CHF 04/13/2017 05/21/2025
Pfandbriefzentrale der schweizerischen Kantonalbanken, 0.375% 21sep2027, CHF - Domestic bonds CH0352595885 0.375% 799 000 000  CHF 04/13/2017 09/21/2027
Pfandbriefzentrale der schweizerischen Kantonalbanken, 0.5% 20feb2032, CHF - Domestic bonds CH0352595893 0.5% 475 000 000  CHF 04/13/2017 02/20/2032
Zurich (city), 0.55% 8may2037, CHF - Domestic bonds CH0362748292 0.55% 100 000 000  CHF 04/11/2017 05/08/2037
Swiss Prime Site, 0.825% 11may2026, CHF - Domestic bonds CH0360677295 0.825% 250 000 000  CHF 04/11/2017 05/11/2026
Switzerland, Bills 13jul2017 3m - Domestic bonds CH0036182225 0% 488 600 000  CHF 04/11/2017 07/13/2017
Eurofima, FRN 11apr2019, USD - International bonds XS1595816163 3M LIBOR USD + 0.07% 500 000 000  USD 04/04/2017 04/11/2019

Exchange Bond Indices

Daily indices

Type: 04/25/2017 04/24/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/13/2017
Swiss Bond Indices
SBI Domestic Government AAA-BBB Total Return   224.19 224.93 227.05 226.81 227.18 227.24 226.55
SBI Domestic Government AAA-BBB Price 111.19 111.56 112.64 112.53 112.72 112.75 112.44
SBI Domestic Government AAA-BBB Yield 0.11 0.08 0.01 0.01 0.01 0.02 0.02
SBI Domestic Government AAA-BBB Duration 11.73 11.77 11.86 11.86 11.87 11.87 11.86
SBI Foreign Government AAA-BBB Total Return  134.06 134.23 134.77 134.69 134.84 134.85 134.70
SBI Foreign Government AAA-BBB Price 107.84 107.98 108.44 108.38 108.51 108.52 108.43
SBI Foreign Government AAA-BBB Yield -0.02 -0.04 -0.11 -0.10 -0.12 -0.12 -0.10
SBI Foreign Government AAA-BBB Duration 5.39 5.39 5.42 5.42 5.43 5.43 5.43
SBI Foreign Government AAA-AA Total Return  136.19 136.37 136.98 136.89 137.06 137.07 136.90
SBI Foreign Government AAA-AA Price 110.03 110.19 110.70 110.64 110.78 110.79 110.68
SBI Foreign Government AAA-AA Yield -0.02 -0.04 -0.12 -0.11 -0.13 -0.13 -0.11
SBI Foreign Government AAA-AA Duration 5.77 5.78 5.81 5.81 5.81 5.81 5.82
SBI Foreign Government AAA-A Total Return  133.43 133.62 134.20 134.12 134.28 134.29 134.13
SBI Foreign Government AAA-A Price 107.50 107.65 108.15 108.09 108.22 108.24 108.13
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World Bond Market Indicators

Daily indices

Type: 04/25/2017 04/24/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/13/2017
Treasuries
Swiss 10Y YTM  -0.11 -0.12 -0.19 -0.20 -0.20 -0.20 -0.18
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World Bond market statistics

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016
Domestic govt Bonds markets (Western Europe)
Switzerland govt Bonds outst., EUR bln (without Bills) 796.48 69.58 69.13 68.58 67.54 67.22 69.19
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of developed countries
Swiss international bonds, USD bln 55.800 57.500 56.800 55.600 55.600 57.000 53.900
BIS net issues of international-bond market of developed countries
International-bond net issue of Switzerland, USD bln 0.500 0.500 1.200 -1.400 -0.700 3.400 3.300

New issues of Developed markets International Bonds

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (Switzerland), USD bln 7.552 0.075 4.051 0.069 1.814 7.426 3.794
Number of new international bond issues (Switzerland) 10 2 7 1 5 8 5
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Developed Markets International Bonds

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016
International bonds Developed Markets
Switzerland corporate international bonds, USD bln 182.449 180.827 184.651 180.912 185.203 187.588 192.204
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Money market

Daily indices

Type: 04/24/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/14/2017
IRS CHF (Annual Fixed vs 6M Libor) 
IRS CHF 2Y vs 6M Libor mid * * * * * * *
IRS CHF 3Y vs 6M Libor mid * * * * * * *
IRS CHF 5Y vs 6M Libor mid * * * * * * *
IRS CHF 10Y vs 6M Libor mid * * * * * * *
IRS CHF 30Y vs 6M Libor mid * * * * * *  
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Risk Management Institute

Daily indices

Type: 04/24/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/14/2017
RMI CVI - Europe
Switzerland CVI value weighted  4.77 4.93 4.90 4.91 4.89 4.76 4.74
Switzerland CVI tail  69.39 75.81 70.26 78.06 74.22 80.78 80.44
Switzerland CVI equally weighted  36.88 35.78 36.34 36.39 35.49 35.35 35.30
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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Switzerland) 0.60 0.60 0.30
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Switzerland) 34.40 34.70

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, 3.75% 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, 4.875% 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, 5.5% 3apr2022, GBP   GBP 04/03/2022 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 Financing, 3.625% 1may2022, CHF (ABS)   CHF 05/01/2022 05/18/2016 **.* *.* 05/18/2016 **.* *.**
Matterhorn Financing, 3.875% 1may2022, EUR (ABS)   EUR 05/01/2022 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Matterhorn Financing, 4.875% 1may2023, EUR   EUR 05/01/2023 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Matterhorn Financing, 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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