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Raising Debt Capital with SIX Swiss Exchange
Investors have a choice of over 2,300 listed bonds and of more than 600 admitted-to-trading bonds. The type of bonds encompass a wide range and such bonds are denominated in all major currencies. The bonds are issued by over 400 issuers from around the world, spanning all continents. The aggregated nominal volume of SIX listed bond instruments exceeds CHF 760 billion.
Switzerland hosts a wide array of banks, asset managers and pension funds.
Our listing process is simple, efficent and cost-effective.
“One-stop shop” offering (listing, trading and post-trading) by SIX.
Switzerland’s financial center boasts several key advantages that contribute to its global prominence. It offers access to Deep Pools of Capital via its banks, insurance companies and funds located or active in Switzerland. The political, economic, and social stability make it an attractive hub for financial activities. Bond issuers on the Swiss market enjoy high liquidity and visibility, attracting both local and international investors. Swiss franc-denominated bonds may be included in the Swiss Bond Index (SBI), enhancing their visibility and appeal.
Furthermore, Switzerland hosts a diverse range of issuers and investors, contributing to a vibrant marketplace. Operating on a global scale the Swiss financial center serves as an international marketplace. Swiss bonds are predominantly highly rated, providing confidence to investors, while our currency diversification, especially against the Euro area, increase the appeal for investors. Despite its prominence, the Swiss market maintains also comparably small bond issue sizes, averaging CHF 200-250 million. Last but not least, Switzerland’s regulatory framework differs from the EU Prospectus Directive/Regime, providing unique advantages for issuers.
Listing occurs upon application by the issuer and must be submitted by a Recognized Representative. A bond is listed by using the web-based CONNEXOR listing application. This allows a bond to enter into trading quickly and efficiently – provisional admission to trading can begin just three trading days from receipt of the electronic application. Subsequently, the issuer has two months to lodge a formal listing application, along with the required declarations and listing prospectus.
Most relevant rules and regulations are: - The Listing Rules - The Additional Rules for the Listing of Bonds - The Directive on the Procedures for Debt Securities - The Rules for the Admission of International Bonds to Trading on SIX Swiss Exchange
For more information about the process, requirements, costs, etc., please consult SIX’s Bond Listing Guide.
Sustainable investments are needed to transform the economy and to deliver on climate, environmental and social sustainability goals, including the Paris Agreement and more broadly the UN Sustainable Development Goals.
Bonds as a major asset class play an integral role to achieve such goals and the market for Green, Social, Sustainability or Sustainability-linked bonds is growing rapidly.
To improve dissemination and awareness of sustainability factors and to facilitate investors’ search, a special flag (see “More filters”) has been introduced in the Bond Explorer that allows to filter either for Green, Social, Sustainability or Sustainability-linked Bonds.
For more information about sustainable bonds, please see SIX’s Sustainable Bonds website as well as SIX’s dedicated presentation about Sustainable Bonds.
SIX provides more than 300 different bond indices. The Swiss Bond Index (SBI) reflects the developments in the CHF-denominated bond market. The main SBI admission criteria are:
Most relevant rules are:
For more information about bond indices, please see SIX’s Bond Indices and SIX’s ESG Indices websites.
Are you looking for a bond being listed and/or traded on SIX Swiss Exchange? With SIX’s Bond Explorer, you can search for respective instrument(s). The Bond Explorer also provides pricing information, coupon information, maturity dates, currencies, etc. Any information can also be downloaded.
Are you looking for recent and/or upcoming bond admissions on SIX Swiss Exchange? On SIX’s Recent and Upcoming Admission website, you can look up respective bond(s).
Are you looking for the latest statistics concerning primary issuances in the debt capital market? With SIX’s Primary Debt Capital Market Report, you can access the newest market information.
The aggregated nominal value of a bond issue must be at least CHF 20 million (or an equivalent amount in another currency).
Bonds denominated in all major world currencies can be listed and/or traded on SIX such as:
Bonds listed and/or traded on SIX can be categorized as follows:
Yes, it is. Financial instruments with a high liquidity and a maturity of less than one year are called "Money Market Papers". The issuing and listing fees applied to Money Market Papers are lower than the other types of securities.
An issuer should have existed for at least three years (exemptions may be requested/granted). The financial statements of the last two full financial years must be included in the bond listing prospectus.
No, the issuer must appoint a Recognized Representative to submit its listing application/documentation. The Recognized Representative assists and guides the issuer in respect of the admission to listing of its securities on SIX.
The admission for provisional trading for bonds may be granted within three trading days after the related application is submitted with three additional trading days for a new issuer since in this case the submission of an application for pre-verification is required. The complete required listing documentation must be submitted within two months from the provisional admission to trading.
All documents must be submitted in writing in either one of the following languages: German, French, Italian or English.
The listing prospectus is substantial to the entire process of the bond listing. It must include all relevant information about the issuer/company, the securities and where applicable, the guarantor. For detailed information of what information a bond listing prospectus must contain, please see Scheme E .
From the time at which securities are listed or admitted to trading on SIX, the issuer needs to fulfill certain obligations for maintaining a listing or admission to trading such as for example:
See also: https://www.ser-ag.com/en/resources/laws-regulations-determinations/regulations.html
The Swiss Bond Indices (SBI) mirror the developments in the CHF-denominated bond market. Certain criteria must be met for a CHF bond to be admitted to the SBI: