Country Reports

Risks mount for Swiss pension funds’ AT1 bond portfolios

By January/February 2026 (Magazine)

Zurich Polybahn funicular

These bonds remain marginal in Swiss pension funds’ portfolios, but some retain their holdings despite growing default risks and potential future legal battles

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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.

Markus Schaen , Senior Fund Manager, MN,
The Netherlands
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