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ARTICLE · 08 SEPTEMBER 2025

Swiss Bond Guide

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This guide is designed to assist Swiss and international companies planning to issue bonds on the Swiss market (or on the EUR-market by Swiss issuers)...

SwitzerlandFinance and Banking
Annette Weber
Annette Weber
Thomas U. Reutter
Thomas U. Reutter
Sandro Fehlmann
Sandro Fehlmann

This guide is designed to assist Swiss and international companies planning to issue bonds on the Swiss market (or on the EUR-market by Swiss issuers) with the legal and regulatory considerations involved. It is particularly valuable for first-time or infrequent issuers of straight bonds, while also serving as a practical reference for frequent issuers. The guide provides an overview of the rights and obligations of issuers of bonds from a Swiss law perspective and examines the relationship between issuers and bondholders. It does not purport to be complete, but is intended to serve as an overview.

1 WHAT IS A BOND?

Swiss law does not provide a definition of a bond (except in the context of taxation, see below). The Swiss federal supreme court and the literature define bonds (Anleihen or Obligationenanleihen; emprunts) as loans that are divided into equal tranches with fungible terms (such as interest rate and term) and based on the same legal basis. Legally, the

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