Switzerland issues ten year bond with negative yield

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The Swiss National Bank (SNB) has become the first bank to issue a ten year sovereign bond with negative yield, as the uncertain growth outlook pushed investors further into the search for safe havens.

While several countries, including Germany, Austria and the Netherlands have already issued short term debt with a negative yield, the recent SNB issuing marks the first time that investors bought a sovereign bond with a ten year maturity and negative yields.

The Swiss bond, which had a nominal yield of 1.5% had a -0.055% yield at issue, as investors bought CHF 232.5m (€222.4m) of Swiss debt to be repaid in July 2025.

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