Strong Momentum in Fixed Income Markets: Switzerland Has Become a Core Funding Hub Globally

From landmark transactions such as major U.S. technology companies’ CHF debuts to continued strong activity from sovereign and corporate issuers, 2026 has begun with remarkable strength in the Swiss franc bond market. The first five months of the year are already tracking well ahead of an already record-breaking 2025, both in volume and number of listings.

This momentum reflects not only favorable market conditions, but also the growing role of Switzerland as a reliable and competitive funding destination. Stefan Bosshard shares insights into the drivers behind this trend, the increasing international appeal of the Swiss market, and the role of SIX Swiss Exchange in enabling efficient and trusted access to capital.

Stefan Bosshard said: “We are seeing exceptionally strong momentum. The first five months of 2026 are clearly ahead of the same period last year, both in terms of listed volume and number of transactions – and this comes on top of 2025 already being a record year. Most notably, May 2026 was the most active month in the Swiss franc fixed income primary market since March 2009. This highlights just how dynamic the market currently is. And importantly, this strength is not limited to one segment – we are seeing broad-based activity across currencies and issuer types.”

“There have been several standout developments. The U.S. technology company transactions were certainly headline deals, but we also saw very sizable issuances from sovereigns such as the Republic of Slovakia and the Republic of Poland.

In addition, June has already started strongly, including a debut jumbo transaction from Novo Nordisk and continued activity in the Swiss Pfandbriefe space. We are also seeing increased activity in our non-CHF segments, supported by transactions such as the recent USD TLAC deal from UBS or Clariant’s EUR bond. Transactions in other currencies than CHF were typically listed on stock exchanges outside Switzerland in the past and are now increasingly listed on SIX Swiss Exchange. Taken together, these transactions underline both the depth and the diversity of the market.”

“Timing in capital markets is always influenced by a combination of factors, including market sentiment, investor demand and issuer-specific considerations. What we can clearly observe is that conditions have been favorable: strong liquidity, robust investor appetite and a supportive pricing environment. This has created a window of opportunity that many issuers are leveraging.

At the same time, the structural development of the Swiss market over recent years means that issuers are increasingly prepared to include Switzerland as a core element of their funding strategy when such windows open.”

“As a market infrastructure provider, our core role is to ensure an efficient, transparent and reliable listing framework. But our contribution goes beyond that. We work very closely with issuers, banks, investors and legal advisors throughout the entire process. This close collaboration allows us to continuously refine our services and respond quickly to market needs.

A good example is last year, when we handled more than 500 bond listings – on average roughly two per day. This highlights both the scale at which we operate and the reliability that market participants expect from us.”

“The overall trend remains very positive, with growing international interest, a broader issuer base and strong investor demand. If these dynamics continue, Switzerland will further strengthen its role as a key hub for global fixed income issuance. SIX will continue to support this with a trusted and efficient market infrastructure.”