The Swiss bond market is considered one of the most stable in Europe. In addition to the Swiss Confederation serving as a benchmark issuer and the two Pfandbrief institutions, cantons, banks, corporations, and supranational institutions also rely on the Swiss franc segment for capital raising.

With a growing emphasis on ESG bonds and a strong regulatory foundation, the Swiss bond market is expected to remain a reliable cornerstone for investors.

For years, the market was dominated by the two major banks, Credit Suisse (CS) and UBS. Since March 2023, however, only one Swiss banking giant remains, creating new opportunities.

Taking Early Action

No other bank in Switzerland has moved as swiftly as Deutsche Bank. Even before the demise of CS, it had been steadily expanding its presence in the Swiss bond market.

The bank established a debt capital markets origination team in Zurich to grow its domestic client business and attract more Swiss franc-denominated bond issuances from foreign issuers. Additionally, in the fall of 2023, Rosario Clemente joined Deutsche Bank at its Uraniastrasse office. Clemente had previously served as Co-Head of Debt Capital Markets Origination Switzerland at Credit Suisse, as reported by finews.ch.

Gaining Significant Market Share

These efforts have paid off: Deutsche Bank has significantly increased its market share across various segments, according to recent data (the figures exclude the two Pfandbrief institutes). In 2024, it boosted its market share to 12.7%, up from just 5.4% in 2020. Currently, Deutsche Bank ranks second in the Swiss bond market with a 19.4% share, trailing UBS at 27.9%. The Zurich Cantonal Bank, which has also played a key role in the Swiss bond market for years, follows at a distant third with 14.5%.

By establishing its own origination and legal teams in Zurich, Deutsche Bank has positioned itself as a local full-service provider for the Swiss bond market. A prime example of this is its execution of the first CHF bond issuance for the City of Zurich by a non-Swiss bank—a dual-tranche CHF 200 million deal.

A Commitment to the Swiss Financial Market

«It's great to see our strategy paying off. We didn’t expect to gain market share so quickly,» says Christian Spahn, Head of CHF Debt Syndicate. Ultimately, as Rosario Clemente points out, Deutsche Bank’s Swiss expansion is also a clear commitment to the local market: «We are the only foreign bank capable of covering all domestic issuer segments.»

Beyond strengthening its market position, the bank's success has also been recognized with industry accolades: Deutsche Bank Switzerland was named «Swiss Franc Bond House of the Year» by IFR and awarded «Best CHF Bookrunner/Dealer» for 2025 by CMD Portal. «You can't buy success, but recognition like this certainly gives us new momentum,» say Spahn and Clemente.