Investment grade bonds

27 July 2026, 17:05 UTC Chief Investment Office GWM Investment Research

SBI Swiss Bond Index August 2026 rebalancing

Alexandra Bossert, CFA Analyst, UBS Switzerland AG Chief Investment Office GWM

This report has been prepared by UBS Switzerland AG. Please see important disclaimers and disclosures at the end of the document.

SBI Total AAA-BBB Some issuance despite summer heat

Data released by SIX Index (SIX) for the upcoming Swiss Bond Index (SBI) Total AAA-BBB rebalancing on 3 August points to a moderate duration lengthening of 0.04 years overall (all else equal, based on closing data as of 24 July), driven by a mix of (domestic) supply and (foreign) deletions. With rates currently highly volatile, the actual outcome may differ—particularly in the SBI Domestic and Domestic Government sub-segments, given their longer duration. Admissions total CHF 7.3bn on a nominal basis (with CHF 5.3bn in the domestic and CHF 2.0bn in the foreign segment), while CHF 3.7bn (domestic CHF 1.7bn; foreign CHF 2.0bn) of bonds with a remaining duration of less than one year drop out. On a net basis, the domestic segment is growing by CHF 3.6bn, while the foreign segment is shrinking by CHF 15mn. There has been no slowdown (yet) in issuance activity, with CHF net issuance for the first six months of 2026 almost on par with that of full-year 2025 (see slides 13 and 14 for updated gross and net issuance figures). Key drivers were international issuers tapping the CHF bond market (with foreign supply surpassing domestic volumes on a net basis), as well as structural funding needs by banks. Primary market activity is likely taking a breather over the summer holidays. That said, we expect good activity in the second half of the year, with issuance volumes set to reach a new record high for 2026.

Bond ticker SBI rating SBI rating Comment (Issuer) bucket (new) bucket (old)

ENERGY A - Sufficient ratings coverage. (Energie 360 Grad AG)

Source: SIX, UBS, as of 24 July 2026